OCBC downgrades Lippo Malls REIT to ‘Hold’, trims estimate price by 10%


OCBC Investment Research has downgraded its call on Lippo Malls Indonesia Retail Trust to ‘Hold’, changing its stance from the ‘Buy’ recommendation issued earlier in the wake of the REIT’s FY 2017 results.

Read: OCBC maintains ‘Buy’ on Lippo Malls REIT after FY2017 results

The bank has also trimmed its fair value estimate on the REIT’s unit price by about 10%.

Lippo Malls Indonesia Retail Trust declared a distribution per unit (DPU) of SGD 0.79 Singapore cents for its 4Q 2017, a decline of 9.2% year-on-year from the 0.87 cents achieved in the corresponding period of 2016.

Meanwhile REIT’s gross revenue and net property income (NPI) for the period rose by 1.2% and 0.8% year-on-year to SGD49.3 million (USD37.3 million) and SGD45 million respectively, while distributable income slid by 8.4% to SGD22.3 million.

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