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Lippo Malls Indonesia Retail Trust - OCBC Investment 2015-11-06: 3Q15 results in-line with our expectations

Lippo Malls Indonesia Retail Trust - OCBC Investment 2015-11-06: 3Q15 results in-line with our expectations LIPPO MALLS INDO RETAIL TRUST D5IU.SI 

Lippo Malls Indonesia Retail Trust: 3Q15 results in-line with our expectations 

  • Lippo Malls Indonesia Retail Trust (LMIRT) reported its 3Q15 results which came in within our expectations. 
  • Gross revenue jumped 32.7% YoY to S$44.1m, driven largely by positive rental reversions at existing malls and contribution from new acquisitions, but partially offset by the depreciation of the IDR against the SGD. 
  • DPU rose 11.6% to 0.77 S cents, slower than the growth in topline due largely to higher finance costs and a larger unit base. 
  • During the quarter, LMIRT achieved an average positive rental reversion of 22.9%, while portfolio occupancy stood at 93.9% (-0.5 ppt QoQ). 
  • For 9M15, LMIRT’s gross revenue grew 27.1% to S$128.4m and this formed 75.1% of our FY15 forecast. 
  • DPU of 2.29 S cents represented growth of 11.7% and constituted 76.2% of our full-year projection. 
  • Given this in-line set of results, we maintain our HOLD rating and S$0.35 fair value estimate on LMIRT.


 
Wong Teck Ching Andy OCBC Securities | http://www.ocbcresearch.com/ 2015-11-06
OCBC Securities SGX Stock Analyst Report HOLD Maintain HOLD 0.35 Same 0.35


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