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Lippo Malls Indonesia Retail Trust - OCBC Investment 2016-02-24: 4Q15 results in-line with our expectations

Lippo Malls Indonesia Retail Trust - OCBC Investment 2016-02-24: 4Q15 results in-line with our expectations LIPPO MALLS INDO RETAIL TRUST D5IU.SI 

Lippo Malls Indonesia Retail Trust: 4Q15 results in-line with our expectations 

  • Lippo Malls Indonesia Retail Trust (LMIRT) reported its 4Q15 results which came in within our expectations. 
  • Gross revenue jumped 23.9% YoY to S$44.6m, 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 14.1% to 0.81 S cents. 
  • During the quarter, LMIRT achieved an average positive rental reversion of 13.2%, while portfolio occupancy was flat on a QoQ basis at 94.0%, as at 31 Dec 2015. 
  • For FY15, LMIRT’s gross revenue rose 26.3% to S$173.0m and this formed 101.2% of our forecast. DPU of 3.10 S cents represented growth of 12.3% and was 3.2% above our projection. 
  • LMIRT’s properties were independently valued at IDR17.8t, as at 31 Dec 2015, which was an increase of 3%. However, this was driven by the addition of two new properties. Excluding this, the valuation of LMIRT’s properties would instead have been 3.1% lower. 
  • We maintain our HOLD rating and S$0.35 fair value estimate on LMIRT.



Wong Teck Ching Andy OCBC Securities | http://www.ocbcresearch.com/ 2016-02-24
OCBC Securities SGX Stock Analyst Report HOLD Maintain HOLD 0.35 Same 0.35


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