Stock Name: LippoMalls
Company Name: LIPPO MALLS INDO RETAIL TRUST
OCBC Investment Research in a Nov 17 research report says: Lippo Malls Indonesia Retail Trust's (LMIRT) 3Q11 DPU of 1.06 cents was slightly below our expectation due to higher-than-expected tax expense.
"However, gross revenue of $33.3 million (-1.4% y-o-y) and NPI of $22.5 million (+1.2% y-o-y) were ahead of our projections, notwithstanding a negative impact from a depreciating IDR against SGD. For 9M11, revenue of $99.2 million and DPU of 3.32 cents formed 78.9% and 71.6% of our full-year revenue and distribution figures, respectively.
"We factor in the contributions from the two new malls (Pluit Village and Plaza Medan Fair) and rights issue, as the acquisitions are expected to complete on Dec 9. Our fair value is now adjusted from 61 cents to 45 cents (based on DDM), potential upside of 26.3%. MAINTAIN BUY."
Company Name: LIPPO MALLS INDO RETAIL TRUST
| Research House: OCBC | Price Call: BUY | Target Price: 0.45 |
OCBC Investment Research in a Nov 17 research report says: Lippo Malls Indonesia Retail Trust's (LMIRT) 3Q11 DPU of 1.06 cents was slightly below our expectation due to higher-than-expected tax expense.
"However, gross revenue of $33.3 million (-1.4% y-o-y) and NPI of $22.5 million (+1.2% y-o-y) were ahead of our projections, notwithstanding a negative impact from a depreciating IDR against SGD. For 9M11, revenue of $99.2 million and DPU of 3.32 cents formed 78.9% and 71.6% of our full-year revenue and distribution figures, respectively.
"We factor in the contributions from the two new malls (Pluit Village and Plaza Medan Fair) and rights issue, as the acquisitions are expected to complete on Dec 9. Our fair value is now adjusted from 61 cents to 45 cents (based on DDM), potential upside of 26.3%. MAINTAIN BUY."
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