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Last Price Today's Change   Day's Range   Trading Volume
0.108   +0.003 (2.86%)  0.105 - 0.109  13,032
23 comment(s). Last comment by Value Investor Coo1eo at Jan 3, 2020 8:37 AM
 3 people like this.
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Page 1

Siew Jian Bin
214 posts

Posted by Siew Jian Bin > Jul 24, 2012 10:21 PM | Report Abuse

I also kept this share, but the rupee is down VS SGD, haiz... Anyway, the gearing is less than 10%, shd have room to grow!

2 posts

Posted by wangzhongpeng > Jul 26, 2012 8:28 AM | Report Abuse

I also keep this share and waiting the price go down , want to buy some more shares.

Jian Bin Siew
209 posts

Posted by Jian Bin Siew > Aug 1, 2012 9:42 PM | Report Abuse

Tomorrow the result will out, hope that the earning can increase to SGD0.008.

Jian Bin Siew
209 posts

Posted by Jian Bin Siew > Jun 13, 2013 11:47 PM | Report Abuse

I think now is the good time to collect Lippomall at Sgd0.465.

23 posts

Posted by sengchai > Jul 10, 2013 10:13 AM | Report Abuse

Does anyone see the short sell movement in INNOPAC. N CNA

Fong Kh
5 posts

Posted by Fong Kh > Dec 3, 2013 10:15 AM | Report Abuse


92 posts

Posted by epicresearchSg > Dec 3, 2013 8:28 PM | Report Abuse

Facebook Inc. and Apple Inc. Microsoft MSFT -0.13% rallied 1.3%, the best performer on the Dow Jones Industrial Average DJIA -0.48% , which was up 47 points.

Fong Kh
5 posts

Posted by Fong Kh > Jun 27, 2014 12:58 PM | Report Abuse


Fong Kh
5 posts

Posted by Fong Kh > Sep 17, 2014 10:03 AM | Report Abuse

"Lippo Malls Indonesia Retail Trust (SGX: D5IU), a real estate investment trust focused on Indonesia-based retail properties, proposed a new acquisition.
In the announcement, the trust also recommended that the purchase be partially funded by an equity fund raising exercise which might potentially dilute existing unit-holders’ stake in the trust by up to 12%. Given the extent of dilution, does this acquisition make sense for unit-holders?"

356 posts

Posted by superman11 > Dec 8, 2014 9:52 AM | Report Abuse

Hey guys, any comment for this counter? Keep or let it go?

Jian Bin Siew
209 posts

Posted by Jian Bin Siew > Dec 8, 2014 2:44 PM | Report Abuse

Why sgd vs idr keep.increasing? Else, i will make profit through this counter. Now the price is so low, nothing to lose.

34 posts

Posted by queenfit > Dec 8, 2014 3:09 PM | Report Abuse

why trading halt ?

Fong Kh
5 posts

Posted by Fong Kh > Dec 9, 2014 10:02 AM | Report Abuse


Fong Kh
5 posts

Posted by Fong Kh > Dec 9, 2014 12:54 PM | Report Abuse

page 2

290 posts

Posted by Kay > May 8, 2017 3:37 PM | Report Abuse

Any thoughts on this counter??

1 post

Posted by DenisYeo > May 10, 2017 12:34 PM | Report Abuse

going on

9 posts

Posted by punklitez > May 20, 2017 11:53 AM | Report Abuse


290 posts

Posted by Kay > Jun 16, 2017 9:48 AM | Report Abuse

How does the Proposed Issuance of S$120m Perpetual Securities affects the future of Lippo? More cash?

9 posts

Posted by punklitez > Jun 17, 2017 10:09 AM | Report Abuse

gearing will come down since it is "classified" as equity in the balance sheet. It will definitely be used to finance the kendari acquisition. Excess cash will be used to refinance 2 bonds expiring in July (5.875%) and Nov (4.48%) 2017. Therefore, gearing ratio will come down but all in cost of debt may increase.

290 posts

Posted by Kay > Sep 27, 2017 10:13 AM | Report Abuse

Got my lippo dividends. Love the consistent payouts :)

290 posts

Posted by Kay > Oct 17, 2017 12:06 PM | Report Abuse

Lippo is on the list too.

290 posts

Posted by Kay > Apr 16, 2018 5:05 PM | Report Abuse


Lippo Malls Indonesia Retail Trust (SGX: D5IU), or LMIRT for short, is an Indonesian retail REIT listed in Singapore. It owns a portfolio of 23 retail malls and seven retail spaces located across four cities in Indonesia.

Last year, LMIRT increased its debt load to acquire two new properties, which prompted Moody’s to review the trust’s credit rating. If its credit rating is downgraded, LMIRT’s ability to secure additional loans or refinancing might be compromised. It might consequently have to obtain loans at a higher interest rate. A higher cost of debt, will, in turn, affect earnings and distributions.

I have done some research on the REIT and have concluded that despite Moody’s review on the REIT’s credit rating, LMIRT has been able to manage its debt strategically over the years and going forward, it is more than likely to be able to repay any debt obligations it currently owes.

Gearing ratio

The first reason I believe this is the case is that LMIRT has a gearing ratio that seems very manageable. The gearing ratio is the total debt compared to the total assets of the trust. As of 31 December 2017, LMIT had a gearing ratio of 33.7% (including perpetuities).

This is well within the Monetary Authority of Singapore regulatory cap for REITs of 45%. The relatively low gearing means that the REIT still has debt headroom to increase its debt load even further.

Interest coverage

The interest coverage ratio measures the REIT’s ability to pay its interest expenses each year. Mathematically, it is calculated by dividing financial expense by net property income.

For the year 2017, LMIRT had a net property income of S$184.2 million and financial expense of S$31.5 million. This translates to an interest coverage ratio of roughly six times.

An interest coverage ratio of above five is considered very safe. By that mark, LMIRT falls well within the safe zone.

Cost of borrowing

Finally, LMIRT has an average cost of debt at 4.7%. Yes, this may be relatively high compared to other retail REITs in Singapore. Similar retail REITs such as CapitaLand Mall Trust (SGX:C38U), CapitaLand Retail China Trust (SGX:AU8U), and Fortune REIT (SGX:F25U) have an average cost of debt at 3.2%, 2.81% and 2.41% respectively.

However, LMIRT has one of the highest property yields at 9.65%. This more than makes up for its high cost of debt such that the trust can easily pay off its finance costs. To put this in perspective CapitaLand mall Trust, CapitaLand Retail China Trust and Fortune REIT have property yields of 5.3%, 5.8% and 3.6% respectively.

The Foolish bottom line

LMIRT has previously had an aggressive expansion strategy that relied mostly on borrowing for further acquisitions. Despite this, their overall capital management looks prudently managed. It has a relatively low gearing ratio, a high interest coverage ratio and an asset yield that more than makes up for its borrowing cost.

All things considered, I believe that the REIT has put in place prudent debt management strategy and has the means to see through all of its current financial obligations.

Value Investor Coo1eo
525 posts

Posted by Value Investor Coo1eo > Jan 3, 2020 8:37 AM | Report Abuse


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