Lippo-Mappletree Indonesia Retail Trust

[winston]

not vested

Lippo Malls Indonesia Retail Trust: 1Q15 results in-line with expectations

Lippo Malls Indonesia Retail Trust (LMIRT) reported its 1Q15 results which met our expectations.

Gross revenue rose 24.7% YoY to S$42.0m due largely to positive rental reversions and the acquisition of Lippo Mall Kemang in Dec 2014; while DPU jumped 16.2% to 0.79 S cents.

This constituted 24.5% and 26.3% of our FY15 projections, respectively.

Looking ahead, LMIRT believes the outlook for quality retail spaces in Indonesia is promising in the next 12 months as both local and foreign retail players continue to remain active.

We maintain our HOLD rating and S$0.35 fair value estimate on LMIRT. The stock offers a decent distribution yield of 8.3%, based on our forecasted FY15 DPU forecast of 3.0 S cents.

Source: OCBC

[winston]

not vested

Lippo Malls Indo Retail Trust (LMIRT): Positive rental reversions continue

Lippo Malls Indonesia Retail Trust (LMIRT) continued to report strong results, with 3Q16 gross revenue up 6.6% YoY to S$47.0m, helped by positive rental reversions of 7.3% as well as greater carpark contributions.

NPI increased 7.6% YoY to S$43.3m.

In IDR terms, revenue and NPI grew by a more modest 1.5% and 5.5% YoY.

YTD revenue and DPU make up 78.3% and 79.3% of our full-year forecast.

The amount distributable to unitholders jumped 12.4% YoY to S$24.2m.

DPU improved 11.7% YoY to 86 S cents.

The REIT manager highlighted LMIRT's average DPU growth of 11.8% over the past five quarters.

Do note that an EGM will convene on 30 Nov to seek the approval of unitholders for the proposed acquisition of Lippo Mall Kuta.

Source: OCBC

[winston]

not vested

Lippo Malls Indo Retail Trust (LMIRT): New tax regulations to hit DPU; rating under review

Lippo Malls Indonesia Retail Trust (LMIRT) announced yesterday that Indonesia has passed new tax regulations on income received/earned from land and building leases in the country.

In particular, such income will be subject to a 10% tax on the value of the amount collected by tenants, including service charges and utility coverage charges.

The new regulation is effective 2 Jan 2018. For the purposes of illustration, assuming the new regulations were in effect as of 1 Jan 2017 instead, the REIT manager calculates that FY17 DPU would have been 7.2% lower at 3.19 S cents (pro forma) instead of 3.44 S cents (actual).

A DPU of 3.19 S cents works out to a historical dividend yield of 8.4% against yesterday’s closing price of S$0.38. We believe the news will prompt selling pressure on the counter.

As we use a dividend discount model to value the REIT, a hit to future projected dividends will have a negative impact on our fair value of S$0.405.

Source: OCBC

[winston]

not vested

Lippo Malls Indo Retail Trust (LMIRT): New tax regulations to hit DPU; rating under review

Lippo Malls Indonesia Retail Trust (LMIRT) announced yesterday that Indonesia has passed new tax regulations on income received/earned from land and building leases in the country.

In particular, such income will be subject to a 10% tax on the value of the amount collected by tenants, including service charges and utility coverage charges.

The new regulation is effective 2 Jan 2018. For the purposes of illustration, assuming the new regulations were in effect as of 1 Jan 2017 instead, the REIT manager calculates that FY17 DPU would have been 7.2% lower at 3.19 S cents (pro forma) instead of 3.44 S cents (actual).

A DPU of 3.19 S cents works out to a historical dividend yield of 8.4% against yesterday’s closing price of S$0.38. We believe the news will prompt selling pressure on the counter.

As we use a dividend discount model to value the REIT, a hit to future projected dividends will have a negative impact on our fair value of S$0.405.

Source: OCBC

[winston]

not vested

Lippo Malls Indo Retail Trust (LMIRT): New tax regulations to hit DPU; rating under review

Lippo Malls Indonesia Retail Trust (LMIRT) announced yesterday that Indonesia has passed new tax regulations on income received/earned from land and building leases in the country.

In particular, such income will be subject to a 10% tax on the value of the amount collected by tenants, including service charges and utility coverage charges.

The new regulation is effective 2 Jan 2018. For the purposes of illustration, assuming the new regulations were in effect as of 1 Jan 2017 instead, the REIT manager calculates that FY17 DPU would have been 7.2% lower at 3.19 S cents (pro forma) instead of 3.44 S cents (actual).

A DPU of 3.19 S cents works out to a historical dividend yield of 8.4% against yesterday’s closing price of S$0.38. We believe the news will prompt selling pressure on the counter.

As we use a dividend discount model to value the REIT, a hit to future projected dividends will have a negative impact on our fair value of S$0.405.

Source: OCBC

[behappyalways]

LMIR Trust to sell 2 shopping mall properties in Indonesia for $124 mil in maiden divestment since listing
https://www.theedgesingapore.com/capita ... nt-listing

[behappyalways]

LMIRT elects not to pay distributions on the $120 mil 6.6% perpetual securities
https://www.theedgesingapore.com/news/r ... securities

[behappyalways]

No distributions for $140 million perps says Lippo Malls Indonesia Retail Trust's manager
https://www.theedgesingapore.com/news/r ... ts-manager

[behappyalways]

Dividend dry spell continues for Lippo Malls Indonesia Retail Trust in 3QFY2023
https://www.theedgesingapore.com/capita ... t-3qfy2023

[behappyalways]

Lippo Malls Indonesia Retail Trust holds back on DPU for fifth consecutive quarter
https://www.theedgesingapore.com/capita ... ve-quarter