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Overview of Lippo Malls Trust Post Reply Rate topic
alexchew Master	02-Apr-2018 15:14        alexchew About Contact  Quote this Post!
x 0   x 0  Alert Admin	sell away easier than voting against... will nv get enough votes.. too many sleeping ppl.. will nv be activist shareholder.. lingua101      ( Date: 29-Mar-2018 17:07) Posted: yeah I am thinking also.    so should we vote against the first resolution?   whlplkps      ( Date: 29-Mar-2018 09:54) Posted: $Lippo Malls Tr(D5IU.SI) Perhaps one should think about the following before considering this REIT: 1) Sponsor seems to be disposing non-accretive/barely accretive assets to the REIT --> Looks like this REIT is just a dumping ground for the sponsor at the expense of the REIT shareholders --> Check out lippo kemang, bali transactions. 2) Rupiah has depreciated more than 10% over the past year (see Bloomberg chart attached) and is still continuing to depreciate --> since income is in rupiah and borrowings in SGD, DPU for this REIT is likely to decrease by more than 10% (Double whammy!) 3) Sponsor (via Manager of REIT) continues to dilute existing shareholders via base fee and performance fee paid via units of this REIT. And since the fees % is pegged to size of assets managed, sponsor/manager continues to be incentivised to acquire assets to expand asset base regardless of whether the assets are value accretive to existing shareholders (Look at the DPU after each acquisition after considering fees, does the DPU increase? At best the DPU remains same) 4) Debt denominated in SGD + pref shares to asset ratio is close to regulatory limit of 45%. The reason why pref shares matters to ordinary shareholders is that pref share owners get priority of distribution over ordinary shareholders, so from the perspective of ordinary shareholders, the pref shares can be considered like debt to company since only after pref shareholders get paid then ordinary shareholders get paid so it is prudent to include pref shares in the debt ratio calculation 5) Take a look at the recent asset purchases over past 3 to 5 years Kemang, Bali etc, all come with Sponsor income support for 3 to 5 years. I.e. Sponsor is propping up the income of these assets artificially. I suspect that Sponsor is doing this to justify the rich price of assets that they are selling to the REIT. Looking at the above it doesnt seem like the Sponsor' s interest are aligned with shareholders of the REIT. You may argue that Sponsor owns 29% of the REIT so they have substantial skin in the game, however dont forget that the Sponsor makes tonnes of money selling its richly priced assets to the REIT.
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Starship Supreme	02-Apr-2018 14:25        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Ooooops................The Sky Is Crashing Down for LMIRT................... Moody' s withdraws credit rating for Lippo Malls Indonesia Retail Trust for ' business reasons' MON, APR 02, 2018 - 12:39 PM CREDIT rating agency, Moody' s Investors Service has withdrawn its " Ba1" rating for Singapore-listed real estate investment trust Lippo Malls Indonesia Retail Trust (LMIRT) for " its own business reasons" . Moody' s did not elaborate on the exact nature of those reasons. On March 7, Moody' s sent LMIRT into junk territory by cutting its credit rating by one notch to " Ba1" from " Baa3" while retaining a negative outlook. The ratings agency citing the deteriorating credit quality of entities within the Lippo group that contribute about a third of LMIRT' s revenue. LMIRT is sponsored by Lippo Karawaci Tbk, which owns around 30 per cent of the trust. LMIRT is managed by LMIRT Management, while the trust' s properties are managed by PT Lippo Malls Indonesia. LMIRT Management and PT Lippo Malls Indonesia are wholly owned subsidiaries of Lippo Karawaci. http://www.businesstimes.com.sg/companies-markets/moodys-withdraws-credit-rating-for-lippo-malls-indonesia-retail-trust-for-business
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Jamesbond007 Veteran	29-Mar-2018 21:28        Jamesbond007 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The danger of investment trust.
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lingua101 Veteran	29-Mar-2018 17:07        lingua101 About Contact  Quote this Post!
x 0   x 0  Alert Admin	yeah I am thinking also.    so should we vote against the first resolution?   whlplkps      ( Date: 29-Mar-2018 09:54) Posted: $Lippo Malls Tr(D5IU.SI) Perhaps one should think about the following before considering this REIT: 1) Sponsor seems to be disposing non-accretive/barely accretive assets to the REIT --> Looks like this REIT is just a dumping ground for the sponsor at the expense of the REIT shareholders --> Check out lippo kemang, bali transactions. 2) Rupiah has depreciated more than 10% over the past year (see Bloomberg chart attached) and is still continuing to depreciate --> since income is in rupiah and borrowings in SGD, DPU for this REIT is likely to decrease by more than 10% (Double whammy!) 3) Sponsor (via Manager of REIT) continues to dilute existing shareholders via base fee and performance fee paid via units of this REIT. And since the fees % is pegged to size of assets managed, sponsor/manager continues to be incentivised to acquire assets to expand asset base regardless of whether the assets are value accretive to existing shareholders (Look at the DPU after each acquisition after considering fees, does the DPU increase? At best the DPU remains same) 4) Debt denominated in SGD + pref shares to asset ratio is close to regulatory limit of 45%. The reason why pref shares matters to ordinary shareholders is that pref share owners get priority of distribution over ordinary shareholders, so from the perspective of ordinary shareholders, the pref shares can be considered like debt to company since only after pref shareholders get paid then ordinary shareholders get paid so it is prudent to include pref shares in the debt ratio calculation 5) Take a look at the recent asset purchases over past 3 to 5 years Kemang, Bali etc, all come with Sponsor income support for 3 to 5 years. I.e. Sponsor is propping up the income of these assets artificially. I suspect that Sponsor is doing this to justify the rich price of assets that they are selling to the REIT. Looking at the above it doesnt seem like the Sponsor' s interest are aligned with shareholders of the REIT. You may argue that Sponsor owns 29% of the REIT so they have substantial skin in the game, however dont forget that the Sponsor makes tonnes of money selling its richly priced assets to the REIT.
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whlplkps Member	29-Mar-2018 09:54        whlplkps About Contact  Quote this Post!
x 0   x 0  Alert Admin	$Lippo Malls Tr(D5IU.SI) Perhaps one should think about the following before considering this REIT: 1) Sponsor seems to be disposing non-accretive/barely accretive assets to the REIT --> Looks like this REIT is just a dumping ground for the sponsor at the expense of the REIT shareholders --> Check out lippo kemang, bali transactions. 2) Rupiah has depreciated more than 10% over the past year (see Bloomberg chart attached) and is still continuing to depreciate --> since income is in rupiah and borrowings in SGD, DPU for this REIT is likely to decrease by more than 10% (Double whammy!) 3) Sponsor (via Manager of REIT) continues to dilute existing shareholders via base fee and performance fee paid via units of this REIT. And since the fees % is pegged to size of assets managed, sponsor/manager continues to be incentivised to acquire assets to expand asset base regardless of whether the assets are value accretive to existing shareholders (Look at the DPU after each acquisition after considering fees, does the DPU increase? At best the DPU remains same) 4) Debt denominated in SGD + pref shares to asset ratio is close to regulatory limit of 45%. The reason why pref shares matters to ordinary shareholders is that pref share owners get priority of distribution over ordinary shareholders, so from the perspective of ordinary shareholders, the pref shares can be considered like debt to company since only after pref shareholders get paid then ordinary shareholders get paid so it is prudent to include pref shares in the debt ratio calculation 5) Take a look at the recent asset purchases over past 3 to 5 years Kemang, Bali etc, all come with Sponsor income support for 3 to 5 years. I.e. Sponsor is propping up the income of these assets artificially. I suspect that Sponsor is doing this to justify the rich price of assets that they are selling to the REIT. Looking at the above it doesnt seem like the Sponsor' s interest are aligned with shareholders of the REIT. You may argue that Sponsor owns 29% of the REIT so they have substantial skin in the game, however dont forget that the Sponsor makes tonnes of money selling its richly priced assets to the REIT.
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whlplkps Member	27-Mar-2018 12:38        whlplkps About Contact  Quote this Post!
x 0   x 0  Alert Admin	Possible to fight in this case. Since the sponsor (and all related parties) has to abstain from voting on the white wash resolution in regard to the waiver of mandatory offer. So just need 50% of remaining shareholder (not related to sponsor) to vote against the white wash resolution then a mandatory offer will be triggered once sponsor' s shareholding breaches 30% alexchew      ( Date: 27-Mar-2018 11:26) Posted: difficult to fight the indons.. they are too smart. Look at most of their IPOs, wonder which actually made money for minority.. Most just goes all the way down.. whlplkps      ( Date: 27-Mar-2018 11:09) Posted: $Lippo Malls Tr(D5IU.SI)  This company keeps diluting existing shareholders with their annual performance fee and management fee. Sponsor keeps disposing non-accretive/barely accretive assets to the REIT Regarding the upcoming EGM to vote on the whitewash resolution to waive shareholders' rights to receive mandatory offer from the Sponsor (Lippo Group) as upon the receipt of their annual fees in shares, they will cross the 30% shareholding threshold which would require them to provide a mandatory general offer to all shareholders. Am going to vote against the resolution and force Sponsor to make a mandatory offer instead of continuing to dilute existing shareholders year on year
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Starship Supreme	27-Mar-2018 11:43        Starship About Contact  Quote this Post!
x 0   x 0  Alert Admin	Analyst reports are always filled to the brim with vague terms and words such as ------ possible, might, could, should, believe, potentially ------ which are nothing more than thin air. Basically, they know nothing more than everyone else, but try to portray themselves as an Oracle. angmohlin      ( Date: 26-Dec-2017 13:14) Posted: Smart investors should fully aware of some financial analyst' s comments in the market are w/o substantiation, pointless and institutional bias. For the case of Lippomall, even before received Moody' s Baa3 grade on 12/6/2015, most of the time LippoMall price were traded higher than 0.37 (the closing high price on 12/6/2015) as well as to the high of 59 cents on 30/11/07 & 58 cents on 9/5/2013. Results speak for themselves and believes unitholders were very satified Lippomall performance. Vested & DYODD.
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alexchew Master	27-Mar-2018 11:26        alexchew About Contact  Quote this Post!
x 0   x 0  Alert Admin	difficult to fight the indons.. they are too smart. Look at most of their IPOs, wonder which actually made money for minority.. Most just goes all the way down.. whlplkps      ( Date: 27-Mar-2018 11:09) Posted: $Lippo Malls Tr(D5IU.SI)  This company keeps diluting existing shareholders with their annual performance fee and management fee. Sponsor keeps disposing non-accretive/barely accretive assets to the REIT Regarding the upcoming EGM to vote on the whitewash resolution to waive shareholders' rights to receive mandatory offer from the Sponsor (Lippo Group) as upon the receipt of their annual fees in shares, they will cross the 30% shareholding threshold which would require them to provide a mandatory general offer to all shareholders. Am going to vote against the resolution and force Sponsor to make a mandatory offer instead of continuing to dilute existing shareholders year on year
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whlplkps Member	27-Mar-2018 11:09        whlplkps About Contact  Quote this Post!
x 0   x 0  Alert Admin	$Lippo Malls Tr(D5IU.SI)  This company keeps diluting existing shareholders with their annual performance fee and management fee. Sponsor keeps disposing non-accretive/barely accretive assets to the REIT Regarding the upcoming EGM to vote on the whitewash resolution to waive shareholders' rights to receive mandatory offer from the Sponsor (Lippo Group) as upon the receipt of their annual fees in shares, they will cross the 30% shareholding threshold which would require them to provide a mandatory general offer to all shareholders. Am going to vote against the resolution and force Sponsor to make a mandatory offer instead of continuing to dilute existing shareholders year on year
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laksaman57 Supreme	16-Feb-2018 16:31        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	https://www.reitsweek.com/2018/02/ocbc-maintains-buy-on-lippo-malls-reit-after-fy2017-results.html
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angmohlin Veteran	27-Dec-2017 14:34        angmohlin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Have omitted to highlight that current price action is divergence with the stochastic oscillator which means price should continues bouncing up.
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angmohlin Veteran	27-Dec-2017 12:54        angmohlin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	It seems someone has supported LippoMall as noticed that one transaction of 1,387,900 units bought from seller was done at 11:33 hrs. Technically, the stochastic has bounded back from the oversold of level 20 as well as crossesover the signal line which signifies the selling pressure is eased. Good luck everyone & DYODD.
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angmohlin Veteran	26-Dec-2017 13:14        angmohlin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Smart investors should fully aware of some financial analyst' s comments in the market are w/o substantiation, pointless and institutional bias. For the case of Lippomall, even before received Moody' s Baa3 grade on 12/6/2015, most of the time LippoMall price were traded higher than 0.37 (the closing high price on 12/6/2015) as well as to the high of 59 cents on 30/11/07 & 58 cents on 9/5/2013. Results speak for themselves and believes unitholders were very satified Lippomall performance. Vested & DYODD.
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laksaman57 Supreme	26-Dec-2017 11:50        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	📣 Gearing dropped to 32.2%
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cpfchua Member	26-Dec-2017 11:09        cpfchua About Contact  Quote this Post!
x 0   x 0  Alert Admin	LMIRT fundmentals still good see their response to the report by Moodys - PRESS STATEMENT LMIR Trust responses to Business Times article dated 21 December 2017 Singapore, 22 December 2017 &ndash LMIRT Management Ltd, the manager of Lippo Malls Indonesia Retail Trust (&ldquo LMIR Trust&rdquo or the &ldquo Trust&rdquo ), refers to the article titled &ldquo Moody&rsquo s reviewing Lippo Malls Retail Trust rating for possible downgrade to junk&rdquo published in the Business Times on 21 December 2017. The Manager would like to state that as at 22 December 2017, with the completion of the two recent acquisitions of Lippo Plaza Jogja and Kediri Town Square at a total purchase consideration of S$98.1 million, the Trust&rsquo s gearing stood at 32.2%, which is well within the Monetary Authority of Singapore&rsquo s regulatory limit of 45%. Chief Executive Officer of the REIT Manager, Ms Chan Lie Leng, said, &ldquo Since the listing of LMIR Trust, we have proactively managed our capital structure and have kept our gearing well below the regulatory limit even as the Trust increases our assets. All our assets are income-producing with a total occupancy rate at 93.4%, higher than industry average of 85.0%. Lippo group of companies remain our major tenants in our malls and there has not been any incidence of non-repayment or default of rental payments and we are confident that there will not be any such incidence in future. Our Sponsor, PT Lippo Karawaci Tbk remains committed to our operations and has consistently demonstrated its support through our mall operator PT Lippo Mall Indonesia. The Trust received its Moody&rsquo s issuer rating of Baa3 on 12 June 2015. Any possible downgrade by Moody&rsquo s Investors Service of this credit rating will not affect or cause a default of any of the Trust&rsquo s existing debt facilities or issued bonds and perpetual securities.&rdquo In fact, the Trust has recently managed to obtain an S$80 million unsecured uncommitted revolving credit facility from CIMB Bank Berhad, Singapore Branch (&ldquo CIMB&rdquo ). &ldquo With the support from CIMB as well as other banks, coupled with our prudent management strategy, we are confident that we are able to manage our refinancing risk. As at 30 September 2017, 70% of our debt is on fixed rate basis to mitigate the impact of uncertain interest rate fluctuations,&rdquo said Ms Chan. Page 2 of 2 CONTACT INFORMATION August Consulting Tel: (65) 6733 8873 Fax: (65) 6733 9913 Janice ONG, [email protected] Jeremy SING: [email protected] Zavier ONG, [email protected] About Lippo Malls Indonesia Retail Trust (&ldquo LMIR Trust&rdquo ) (www.lmir-trust.com) LMIR Trust is a Singapore-based real estate investment trust established with the principal investment objective of owning and investing, on a long-term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes. LMIR Trust&rsquo s current asset portfolio comprises 23 retail malls (&ldquo Retail Malls&rdquo ) and seven retail spaces located within other retail malls (&ldquo Retail Spaces&rdquo , and collectively with the Retail Malls, the &ldquo Properties&rdquo ). The Properties have a total net lettable area of 872,858 square metres and total valuation of IDR18,434 billion as at 30 June 2017, and are strategically located in major cities of Indonesia with large middle-income population. Tenants include leading names such as Matahari Department Store, Zara, M& S, H& M, Sogo, Giant, Hypermart, Carrefour, Ace Hardware, as well as international specialty tenants such as Victoria&rsquo s Secret, Promod, McDonalds, Pizza Hut, KFC, A& W, Fitness First and Starbucks.
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laksaman57 Supreme	25-Dec-2017 11:46        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Mgr did right to announce potential right issuance to give bank the confidence that if they don't support, the reit well have the support from shareholder right subscription.
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laksaman57 Supreme	25-Dec-2017 11:15        laksaman57 About Contact  Quote this Post!
x 0   x 0  Alert Admin	With latest announcement of CIMB and other bank support, don't think they will do a right issue liao edwinjup      ( Date: 24-Dec-2017 20:07) Posted: Must also be cautious about the right issues....but div tooo attractive... angmohlin      ( Date: 24-Dec-2017 18:31) Posted: Have placed on review for downgrade does not means already confirmed LippoMall downgraded to junk. So far there were no concrete circumstantial evidences to prove that LippoMall in fact was in junk territory. It is good opportunity to accumulate at such low price. Vested & DYODD.
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spore1 Supreme	24-Dec-2017 23:15        spore1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Likely to go down further ! It may test 36.5/35 then 30..
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angmohlin Veteran	24-Dec-2017 21:42        angmohlin About Contact  Quote this Post! Style: Combined
x 0   x 0  Alert Admin	Not all the rights issue will be very bad, believe they will give a very good premium if they have decided to issue right issue. Cache is a good example. Looking forward to have right issue as I intended to load some more. The dividend yield is very attractive as mentioned below. edwinjup      ( Date: 24-Dec-2017 20:07) Posted: Must also be cautious about the right issues....but div tooo attractive... angmohlin      ( Date: 24-Dec-2017 18:31) Posted: Have placed on review for downgrade does not means already confirmed LippoMall downgraded to junk. So far there were no concrete circumstantial evidences to prove that LippoMall in fact was in junk territory. It is good opportunity to accumulate at such low price. Vested & DYODD.
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edwinjup Supreme	24-Dec-2017 20:07        edwinjup About Contact  Quote this Post!
x 0   x 0  Alert Admin	Must also be cautious about the right issues....but div tooo attractive... angmohlin      ( Date: 24-Dec-2017 18:31) Posted: Have placed on review for downgrade does not means already confirmed LippoMall downgraded to junk. So far there were no concrete circumstantial evidences to prove that LippoMall in fact was in junk territory. It is good opportunity to accumulate at such low price. Vested & DYODD.
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