Lippo-Mappletree Indonesia Retail Trust

[winston]

not vested

Lippo Malls Indonesia Retail Trust: Downgrade to HOLD

Summary: 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.

Results for the quarter were generally in line with our expectations; DPU of 0.74 S cents formed 97% of our estimate. NAV per unit rose 6.3% QoQ to 56.16 S cents, giving a current P/B of 0.93x.

Gearing remains healthy at 24.5%.

Management indicates that the average weighted all-in cost of debt for FY13 is likely to be 5.5%-5.7%.


We maintain our fair value of S$0.52. Since the current unit price is near our fair value, we downgrade LMIRT to a HOLD. We estimate a FY13F yield of 6.9%. (Sarah Ong)

Source: OCBC

[winston]

not vested

Time: 10:44AM
Exchange: SGX
Stock: LippoMalls(D5IU)
Signal: Bearish MACD Centerline Crossover
Last Done: $0.51

Source: UOBKH

[winston]

not vested

Time: 11:07AM
Exchange: SGX
Stock: LippoMalls(D5IU)
Signal: Bullish MACD Crossover
Last Done: $0.515

Source: UOBKH

[winston]

not vested

Time: 8:58AM
Exchange: SGX
Stock: LippoMalls(D5IU)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.525

Source: UOBKH

[winston]

not vested

Time: 8:58AM
Exchange: SGX
Stock: LippoMalls(D5IU)
Signal: Bullish MACD Centerline Crossover
Last Done: $0.515

Source: UOBKH

[winston]

not vested

1Q 2014 Results Presentation

http://infopub.sgx.com/FileOpen/LMIR_Tr ... eID=295465

[mini-investor]

With current climate and currency risk, I am not vested.

http://s-reitinvestmentblog.blogspot.sg ... label/LMIR

[winston]

vested

Time: 1:04PM
Exchange: SGX
Stock: Lippo Malls Tr(D5IU)
Signal: Resistance - Breakout with High Volume
Last Done: $0.415

source: UOBKH

[winston]

not vested

Lippo Malls Indonesia Retail Trust

Q2 DPU down 27%

Lippo Malls Indonesia Retail Trust (LMIRT) reported a 26.9% drop in DPU to 0.68 Singapore cent for the 2Q ended June 30 on the back of weaker gross rents and higher expenses.

Total gross revenue for the quarter slipped 15.1% from a year ago to S$34mil as positive rental reversions in its malls were offset by exchange
rate losses in translating from Indonesian rupiah to Sing dollars.

Net property income fell 17.7% to S$31.2mil during the quarter, dragged by translational losses, according to LMIRT.

But the portfolio performance was affected by a 2.1% depreciation of Indonesian rupiah year‐on‐year as well as the expiry of the rental
guarantee from the previous owner of Pluit Village, he explained

Source: AmFraser

[winston]

Lippo Malls Indonesia Retail Trust - A uniquely positioned stock

Being the only SGX-listed REIT with pure exposure to Indonesia’s retail sector, Lippo Malls Indonesia Retail Trust (LMIRT) is well placed to benefit from a
growing pool of middle-class consumers and a potential rise in rental rates, due to robust demand from local and international retailers as well as limited
supply of new mall space.

We begin coverage with an Add rating and DDM-based target price (discount rate: 11.3%) of S$0.40.

Downside risk could come from continued volatility of the Indonesian rupiah (Rp) against the Singapore dollar.

Source: CIMB