• 1Q26 DI of US$6.9mn was 10% higher YoY and in line with our expectations, forming 24% of our FY26e forecast. NPI grew 12.7% YoY, driven by the commencement of new leases, rental escalations, and contributions from the acquisitions (Dover Marketplace and Wallingford Fair Shopping Centre, which were acquired in Aug 2025 and Jan 2026, respectively). DI rose 10% YoY, lower than the growth in NPI due to higher finance costs from additional borrowings taken to fund the acquisitions.
• 164k sq ft of leases were secured in 1Q26 at positive rent reversion. Occupancy for grocery & necessity properties remained stable QoQ at 97.7%, while self-storage properties saw occupancy improve by 55 bps to 89.2%.
• We maintain BUY with an unchanged DDM-based TP of US$0.69 and no change to our forecasts. UHREIT’s portfolio resilience is underpinned by high grocery & necessity occupancy of 97.7%, a long WALE of 8 years, a 90% tenant retention rate, and minimal leasing risk in FY26/FY27, with only 2%/5.2% of grocery & necessity leases expiring. This provides strong income visibility and sustainable income growth. UHREIT currently trades at an attractive FY26e dividend yield of 8.6% and P/NAV of 0.74x.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Company Profile Geely is one of the leading enterprises in China's self-brand passenger vehicles manufacturers. The Company's products include six major brands: Geely, Lynk, Zeekr, covering the A0 to C-class passenger vehicles market. Investment Summary 26Q1 Sales Remained Largely Flat, with Premiumisation Strategy Showing Bright Spots In the first quarter of 2026, Geely Auto delivered a cumulative 709.4 thousand vehicles, up 0.8% yoy, setting a new record high for the same period in history and regaining the top position among...
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