Lippo Malls Indonesia Retail Trust (LMIRT) reported its 2Q15 results which met our expectations. Gross revenue rose 24.2% YoY to S$42.3m, driven largely by positive rental reversions and contribution from the acquisition of Lippo Mall Kemang in Dec 2014, but partially offset by the depreciation of the IDR against the SGD. DPU rose 7.4% to 0.73 S cents.

For 1H15, LMIRT’s gross revenue grew 24.4% to S$84.2m and this formed 49.3% of our FY15 forecast. DPU of 1.52 S cents represented growth of 11.8% and constituted 50.6% 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.

Source: OCBC Research - 6 Aug 2015