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

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OCBC Investment Research has kept a ‘Buy’ rating on Indonesia-focused retail REIT, Lippo Malls Indonesia Retail Trust, after the latter reported its 4Q 2017, and FY 2017 results.

The REIT declared a distribution per unit (DPU) of SGD 0.79 Singapore cents for the quarter, a decline of 9.2% year-on-year from the 0.87 cents achieved in the corresponding period of 2016.

The 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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