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As from FY19, the Group’s performance started to recover following the initiation of Hotel1926, which improved its EBITDA considerably. The COVID-19 pandemic has presented several challenges to the Group, however actual results for FY20 should be better than that previously forecasted. In fact, Management confirmed that actual sales both in the retail and hospitality segments outperformed expectations.In view of this, coupled with the excess liquidity generated from the sale of the TEN Apartments and the locked MDB loan, we believe that the Group should generate sufficient liquidity to meet all of its near term financial obligations. Therefore, notwithstanding the current distressed environment, the positive traits noted above merits a Neutral credit opinion on the Issuer.
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