Highlights
SGX: Lippo Malls Tr (D5IU)       LIPPO MALLS INDO RETAIL TRUST
Last Price Today's Change   Day's Range   Trading Volume
0.197   -0.001 (0.51%)  0.195 - 0.20  750,200

Overview

Avg Volume (4 weeks):2,756,240
4 Weeks Range:0.191 - 0.22
4 Weeks Price Volatility (%):
20.69%
52 Weeks Range:0.191 - 0.425
52 Weeks Price Volatility (%):
2.56%
Average Price Target: 0.30
Price Target Upside/Downside: +0.103

Headlines

Date Subject
13-Nov-2018 Lippo Malls Indonesia Retail Trust - Cost and Forex Pressures Continued Into 3Q
07-Aug-2018 Lippo Malls Indonesia Retail Trust - Higher cost and taxes continue to drag
03-Aug-2018 Lippo Malls Indonesia Retail Trust - Higher Cost and Taxes Continue to Drag
08-May-2018 Lippo Malls Indo Retail Trust (LMIRT): Ceasing Coverage
04-May-2018 Lippo Malls Indo Retail Trust (LMIRT): 1Q Results In-line; DPU Drops 24.7% YoY
13-Apr-2018 Lippo Malls Indo Retail Trust (LMIRT): Time to Stop Shopping!
12-Apr-2018 Lippo Malls Indo Retail Trust (LMIRT): New Tax Regulations to Hit DPU; Rating Under Review
15-Feb-2018 Lippo Malls Indo Retail Trust (LMIRT): Gone to the Barber’s
14-Feb-2018 Lippo Malls Indo Retail Trust (LMIRT): Results Within Expectation

Business Background

LMIR Trust is a Singapore-based real estate investment trust established with the principal investment objective of owning and investing, on a long-term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes. LMIR Trust’s current asset portfolio comprises 23 retail malls (“Retail Malls”) and seven retail spaces located within other retail malls (“Retail Spaces”, and collectively with the Retail Malls, the “Properties”). The Properties have a total net lettable area of 910,582 square metres and total valuation of Rp 19,475 billion as at 31 December 2017, and are strategically located in major cities of Indonesia with large middle-income population. Tenants include leading names such as Matahari Department Store, Zara, M&S, H&M, Sogo, Giant, Hypermart, Carrefour, Ace Hardware, as well as international specialty tenants such as Victoria’s Secret, Promod, McDonalds, Pizza Hut, KFC, A&W, Fitness First and Starbucks.

  3 people like this.
 
Siew Jian Bin 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!
24/07/2012 22:21
wangzhongpeng I also keep this share and waiting the price go down , want to buy some more shares.
26/07/2012 08:28
Jian Bin Siew Tomorrow the result will out, hope that the earning can increase to SGD0.008.
01/08/2012 21:42
Jian Bin Siew I think now is the good time to collect Lippomall at Sgd0.465.
13/06/2013 23:47
sengchai Does anyone see the short sell movement in INNOPAC. N CNA
10/07/2013 10:13
840118874 http://www.reitsweek.com/2013/12/china-tycoon-purchases-193-million.html
03/12/2013 10:15
epicresearchSg 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.
03/12/2013 20:28
840118874 http://infopub.sgx.com/FileOpen/Press_Release_revised_613pm.ashx?App=Announcement&FileID=295464
27/06/2014 12:58
840118874 "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?"
read more at
http://www.fool.sg/2014/09/16/is-lippo-malls-indonesia-retail-trusts-latest-property-purchase-a-winner/
17/09/2014 10:03
superman11 Hey guys, any comment for this counter? Keep or let it go?
08/12/2014 09:52
Jian Bin Siew Why sgd vs idr keep.increasing? Else, i will make profit through this counter. Now the price is so low, nothing to lose.
08/12/2014 14:44
queenfit why trading halt ?
08/12/2014 15:09
840118874 hold
09/12/2014 10:02
840118874 http://sdb.theedgemarkets.com/2014/SDBsetia/SDBsetia_20141209_98hnig.pdf
page 2
09/12/2014 12:54
Kay Any thoughts on this counter??
08/05/2017 15:37
DenisYeo going on
10/05/2017 12:34
punklitez https://heartlandboy.com/lippo-mall-indonesia-retail-trust-initiation-report/
20/05/2017 11:53
Kay How does the Proposed Issuance of S$120m Perpetual Securities affects the future of Lippo? More cash?
16/06/2017 09:48
punklitez 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.
17/06/2017 10:09
Kay Got my lippo dividends. Love the consistent payouts :)
27/09/2017 10:13
Kay Lippo is on the list too.
http://fifthperson.com/lion-phillip-s-reit-etf/
17/10/2017 12:06
Kay https://sg.finance.yahoo.com/news/lippo-malls-indonesia-retail-trust-020902683.html

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.
16/04/2018 17:05


 

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