Lippo Malls Indo Retail Trust's NPI up 7.1% to $46.4m
Strong performance from Lippo Mall Kuta and Lippo Mall Kendari boosted earnings.
Lippo Malls Indo Retail Trust’s (LMIRT) net property income went up by 7.1% YoY to $46.4m in Q3.
According to OCBC Investment Research, revenue jumped by 5.5% to $49.6m. The growth was supported by contributions from Lippo Mall Kuta and Lippo Mall Kendari, which were acquired in December 2016 and June 2017, respectively.
Distribution per unit (DPU) remained flat at 86 cents, mainly due to the effect of perpetual securities.
LMIRT’s gearing ratio stands at 28.7%.
"Pending further details from the analyst briefing, we keep our BUY rating but place our fair value of S$0.455 under review," said OCBC analyst Deborah Ong.