Lippo-Mappletree Indonesia Retail Trust

Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Fri Jul 20, 2012 5:58 pm

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LMIRT Management Ltd., as Manager of Lippo Malls Indonesia Retail Trust (“LMIRT”) will be announcing the unaudited financial results of LMIRT for the second quarter and half year ended 30 June 2012 on Thursday, 02 August 2012, after close of trading.
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Fri Aug 03, 2012 5:14 am

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Lippo Malls posts Q2 DPU of 0.79cts By Carine Lee

Lippo Malls Indonesia Retail Trust on Thursday posted distribution per unit of 0.79 cents for the fiscal second quarter ended June 30, 2012, a 28.2 per cent decrease from 1.09 cents a year ago.

This represents an annualized DPU yield of approximately 7.4 per cent based on the closing price of 40 cents per unit on June 30, 2012.

The distribution per unit is based on the number of outstanding units, including the new right units following the successful completion of its one-for-one rihgts issue in the fourth quarter of 2011.

Gross revenue for the reporting quarter rose 38.3 per cent year on year to $45.8 million, while net property income increased 36.2 per cent to $30.74 million from a year ago.


http://www.businesstimes.com.sg/breakin ... dpu-079cts
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Fri Aug 03, 2012 9:30 am

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Lippo Malls Indo Retail Trust: First take on 2QFY12 results

Lippo Malls Indonesia Retail Trust’s (LMIRT) reported its 2QFY12 results after the market close yesterday.

NPI and distributable income grew significantly by 36.2% and 44.3% YoY to S$30.7m and S$17.1m respectively, due to full-quarter contribution from Pluit Village and Plaza Medan Fair that were acquired in Dec 2011.

DPU for the quarter came in at 0.79 S cents, down from 1.09 S cents as a result of the 1-for-1 rights issue in 4Q11.

However, this represents a 14.5% QoQ improvement from DPU of 0.69 S cents achieved in prior quarter. For 1HFY12, NPI was up 37.1% YoY to S$61.6m, meeting 51.1% of full-year estimate.

1HFY12 DPU, on the other hand, was down 34.5% to 1.48 S cents, equivalent to 42.9% of our DPU projection.

This is slightly below our expectations, as the impact from unfavourable forex movement was larger than expected.

We will be speaking to management later to get more insight on its financial performance and outlook. For now, we put our Buy rating and S$0.43 fair value estimate UNDER REVIEW.


Source: OCBC
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Mon Aug 06, 2012 10:04 am

POTENTIAL ASSET INJECTION IN THE NEAR TERM

- Occupancy rate at high level
- Strong retail industry dynamics
- Bond issue provides acquisition flexibility

Lippo Malls Indonesia Retail Trust’s (LMIRT) 1H12 DPU of 1.48 S cents was slightly below our expectations due to larger-than-expect impact from unfavourable forex movement.

However, the portfolio operating metrics and outlook remain buoyant. As at 30 Jun, LMIRT’s overall occupancy rate remained steady at 94.7% vs. 94.5 in prior quarter.

This is significantly higher than Indonesia’s retail industry average of 86.7%.

We also understand that LMIRT launched two bonds in early Jul. This leads us to believe that another round of acquisitions may be imminent, given that its financial position was already very strong.

This may potentially boost LMIRT’s DPU going forward. We maintain our BUY rating on LMIRT with revised fair value of S$0.45 (S$0.43 previously) as we tweak our rental assumptions in FY13-14 to reflect better growth outlook.


Source: OCBC
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Mon Aug 06, 2012 4:23 pm

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We are upgrading our FY13F - FY15F following

1) LMIR’s recent bond issuance and imminent asset acquisition,
2) move to control cost of funds and operating expenses and
3) lowly levered balance sheet which may be levered upwards.

We expect the company to acquire about S$300m worth of assets by 1Q FY13 and boost FY13F DPU to 3.52 S cents per unit.

LMIR’s share price had corrected from more than 60 S cents to the current level after rights issuance as the company reinitiated its growth ambitions whilst optimizing its balance sheet.

We project the price gap to close up following further acquisitions. Maintain Increase Exposure.


Source: SIAS
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby mini-investor » Mon Aug 06, 2012 6:53 pm

Investing in LMIR is just like investing in Indonesian Economy... With its economy growing at a rapid pace, LMIR will continue to grow... Again with current yield, it is not as attractive and other factors have to come into play which is uncertain.

http://www.s-reitinvestmentblog.blogspo ... label/LMIR
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Wed Sep 19, 2012 12:20 pm

not vested

Lippo Malls Indonesia Retail Trust: Interest expense likely to hit DPU

We have incorporated assumptions into our model about potential acquisitions that may be funded by the S$250m raised by LMIRT in early Jul under its S$750m MTN programme.

We assume the acquisitions will be yield-accretive with initial net property yields of ~8.5%.

The S$200m 3-year bonds were priced at 4.88% while the S$50m bonds were priced at 5.875%, giving a blended interest rate of ~5.1%.

Since no proposed acquisitions have been announced yet, we believe that the end of this year is the earliest any acquisitions are likely to be completed.

Before the acquisitions are completed, there is likely to be a drag on DPU due to the additional interest expense.

We also have some concern about growth in the Jakarta retail space supply over 2012 and 2013 (+12.1% YoY and +18.2% YoY).

We maintain our fair value of S$0.45 but downgrade LMIRT to a HOLD since the share price is close to our fair value.


Source: OCBC
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby mini-investor » Wed Sep 19, 2012 12:47 pm

Thank you for the reminder that we are awaiting announcement from LMIR on the proceeds that they have raised which is still not in yet.
And interests will drag its yield down.

Looking closely at this... It is trading at quite a high price now...

http://s-reitinvestmentblog.blogspot.sg ... -lmir.html

winston wrote:not vested

Lippo Malls Indonesia Retail Trust: Interest expense likely to hit DPU

We have incorporated assumptions into our model about potential acquisitions that may be funded by the S$250m raised by LMIRT in early Jul under its S$750m MTN programme.

We assume the acquisitions will be yield-accretive with initial net property yields of ~8.5%.

The S$200m 3-year bonds were priced at 4.88% while the S$50m bonds were priced at 5.875%, giving a blended interest rate of ~5.1%.

Since no proposed acquisitions have been announced yet, we believe that the end of this year is the earliest any acquisitions are likely to be completed.

Before the acquisitions are completed, there is likely to be a drag on DPU due to the additional interest expense.

We also have some concern about growth in the Jakarta retail space supply over 2012 and 2013 (+12.1% YoY and +18.2% YoY).

We maintain our fair value of S$0.45 but downgrade LMIRT to a HOLD since the share price is close to our fair value.


Source: OCBC
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Mon Nov 12, 2012 9:05 am

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Lippo Malls Indonesia Retail Trust: 3Q12 results above expectations

Summary: With effect from 1 May 2012, LMIRT engaged a third party operating company, to co-manage its individual retail malls.

The operating company is responsible for all costs directly related to the maintenance and operation of the individual retail malls, as well as pay for the rental of office and use of equipment.

The operating company also has the right to collect a service charge and statutory income from the tenants. The adjustments for 2Q12 were reflected in the 3Q12 results.

3Q12 results were better than what we expected, partly due to the above arrangements. Total return for the period after tax rose 34.4% YoY to S$21.2m. 9M12 total return for the period before tax and revaluation of S$78.5m equaled 82% of our prior FY12F estimate, which we now raise to S$103m.

Rolling forward our model, we raise our fair value from S$0.47 to S$0.52 and upgrade LMIRT from Hold to BUY.


Source: OCBC
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Re: Lippo-Mappletree Indonesia Retail Trust

Postby winston » Fri Feb 08, 2013 10:03 am

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Lippo Malls Indonesia Retail Trust: 4Q12 results in line

LMIRT posted 4Q12 gross rental income of S$33.0m, up 35% YoY.

The increase was primarily due to the contributions from Pluit Village and Plaza Medan Fair (acquired in 4Q11) and marginal contributions from the six acquisitions made in 4Q12.

Total revenue fell 11% to S$33.0m (equivalent to gross rental income in 4Q12). This is because of the absence of the service charge and utilities recovery following the outsourcing of the operational services to a third party operating company with effect from 1 May 2012.

Net property income margin was at 93.4%, down 3.2 ppt QoQ.

4Q12 results were generally in line with our expectations; DPU of 0.74 S cents formed 97% of our estimate. We will speak further with management regarding these results and, in the meantime, put our FV of S$0.52 and Buy rating UNDER REVIEW.

Source: OCBC
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