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Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

Lippo Malls Indonesia Retail Trust / Equity Bottom-Up

Lippo Malls Indonesia Retail Trust (LMRT SP)

These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.<h2>Lippo Malls Indonesia Retail (LMIR) Trust</h2>

Company description 
Lippo Malls Indonesia Retail (LMIR) Trust is a Singapore-based real estate investment trust (REIT) that invests in quality retail assets in Indonesia. The trust owns 30 properties in key cities across Indonesia.
Summary 
LMIR Trust’s stock performed poorly in 2018 amid poor credit ratings on the company and its Sponsor, Lippo Karawaci. More importantly, LMIR Trust’s unit price fell in 2018 likely due to investigations into Lippo Group. In October 2018, Lippo Group’s shares, including shares of the company’s flagship real estate developer, Lippo Karawaci, fell after investigations linked to Lippo Group’s Meikarta real estate project were made public. LMIR Trust was unfortunately affected due to its connection with Lippo Group. Nevertheless, LMIR Trust’s unit price has since risen, and there is much more potential for the stock to outperform, given the company’s improving fundamentals.
Recommendation 
We adopt a conservative approach to value LMIR Trust at S$0.379 per unit, taking into consideration the announced sale of Pejaten Village and Binjai Supermall on 30 December 2019. Our valuation generates a potential upside of 68.4% from the current unit price of S$0.225. Additionally, factoring in the upcoming catalyst involving a potential acquisition of Lippo Mall Puri in 2020, we value LMIR Trust at S$0.266 per unit which will generate a potential upside of 40.7% from a potential ex-rights price of S$0.189. We are of the view that LMIR Trust’s low P/E ratio, coupled with its improving fundamentals, are an indicator that the company is relatively attractive in terms of P/E. Additionally, distribution yield is projected to be potentially higher than the peer average. Thus, we believe that LMIR Trust’s attractiveness in terms of P/E and dividend yield justifies a recommendation for a buy.

These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.Lippo Malls Indonesia Retail (LMIR) Trust

Company description 
Lippo Malls Indonesia Retail (LMIR) Trust is a Singapore-based real estate investment trust (REIT) that invests in quality retail assets in Indonesia. The trust owns 30 properties in key cities across Indonesia.
Summary 
LMIR Trust’s stock performed poorly in 2018 amid poor credit ratings on the company and its Sponsor, Lippo Karawaci. More importantly, LMIR Trust’s unit price fell in 2018 likely due to investigations into Lippo Group. In October 2018, Lippo Group’s shares, including shares of the company’s flagship real estate developer, Lippo Karawaci, fell after investigations linked to Lippo Group’s Meikarta real estate project were made public. LMIR Trust was unfortunately affected due to its connection with Lippo Group. Nevertheless, LMIR Trust’s unit price has since risen, and there is much more potential for the stock to outperform, given the company’s improving fundamentals.
Recommendation 
We adopt a conservative approach to value LMIR Trust at S$0.379 per unit, taking into consideration the announced sale of Pejaten Village and Binjai Supermall on 30 December 2019. Our valuation generates a potential upside of 68.4% from the current unit price of S$0.225. Additionally, factoring in the upcoming catalyst involving a potential acquisition of Lippo Mall Puri in 2020, we value LMIR Trust at S$0.266 per unit which will generate a potential upside of 40.7% from a potential ex-rights price of S$0.189. We are of the view that LMIR Trust’s low P/E ratio, coupled with its improving fundamentals, are an indicator that the company is relatively attractive in terms of P/E. Additionally, distribution yield is projected to be potentially higher than the peer average. Thus, we believe that LMIR Trust’s attractiveness in terms of P/E and dividend yield justifies a recommendation for a buy.

비 SGX 보고서: Lippo Malls Indonesia Retail(LMIR) Trust: 보도 시작