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