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Yes, most of the hurdles raised by this article will be applicable to LMIRT as well. I am not sure though about the unit ownership structure of LMIRT whether it will be an easy task for Lippo Group to gain back control to delist the REIT if it should desire in order to list it on Indonesian Stock Exchange. But for the moment, seems such rumours have died down for these two Lippo owned REITs. Perhaps it is still not time yet until the Indonesian Stock Exchange, the financial markets and political situation in Indonesia matures and stabilises in further years ahead.
chengwh1 ( Date: 11-May-2017 18:38) Posted:
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Tq Jeremy,... I' ve actually seen this report earlier,... one question though,.. wouldn' t the hurdles here pertaining to First REIT be applicable to LMIRT too ? Things like interest rate in Indonesia, should have similar impact to LMIRT too if Lippo wants to move LMIRT out too,....
jeremyow ( Date: 11-May-2017 15:54) Posted:
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http://research.sginvestors.io/2015/10/first-reit-phillip-securities-2015-10-30.html
Sorry, forgot to include the link to the commentary by Philip Securities on the potential hurdles in shifting First REIT from SGX to Indonesian Stock Exchange by Lippo Group.
jeremyow ( Date: 11-May-2017 15:51) Posted:
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I do not know about Lippo Malls Indonesia Retail Trust but for First REIT, there are certainly many considerations and hurdles in moving the REIT back to Indonesia Stock Exchange. I attached below some of the potential hurdles listed out by Philip Securities in moving First REIT from SG to Indonesia. I think the most difficult hurdle due to the fragmented unit ownership of First REIT is to convince many minority unitholders to approve this move and tender their units to Lippo Group in a delisting offer in which the offer price must be attractive enough to do a delisting and subsequent relisting on the Indonesian Stock Exchange. So, even if there are plans by Lippo Group in future to do so, it may take them quite a while to see this happen due to the many potential hurdles to cross.
chengwh1 ( Date: 11-May-2017 13:12) Posted:
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Mr Riady talked abt shifting at end-2016, and said the same again sometime in 2016,... he kept reminding the investing public abt this ! ... hence, he kept telling us ' not to over-expose' ourselves into his REITs,....no matter how good his REITs are, don' t you think so ?
laksaman57 ( Date: 11-May-2017 12:49) Posted:
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News of shift intent appeared back in 28oct2015, price fell to low of 29￠ , but its was best time to buy 😆 . Sgp is a matured place for reit development.
Laksaman and Jeremy,... thank you for your opinions and inputs. Yes, I would agree that The Lippo Group is strong,... but the strength of a company is not the only criteria for investment success. What if, say,... The Lippo Group suddenly decides on a change in their plans abt these REITs, eg moving them back to Indonesia, etc,...? This would be detrimental to investors too, right ?
Show Me The Money book included an interview with Lippo. Think its worth a read.
Hi Chengwh1, you raised a valid concern that both investment vehicles are under the same sponsor and if anything bad happens to the sponsor, it may affect both the investment vehicles as well because the sponsor holds majority unit ownership of both investment vehicles. So definitely, we need to investigate and know the sponsor well enough too if we are to consider investing in both investment vehicles. From my understanding, they are the largest listed property developer in Indonesia.
However, I personally will not invest in Lippo Mall Trust currently after doing some initial assessment on them. However, this does not mean I will not consider Lippo Mall Trust in future if it meets my requirements to see that they have improved on the things I hope they will improve upon. In conclusion, I attached here a short write-up from Lippo Group' s website about them fyi and further research.
About Lippo Karawaci
PT Lippo Karawaci Tbk (" Lippo Karawaci" ) was founded on a vision to impact lives through the development of well-planned sustainable independent townships within green environments and first class physical and social infrastructure.
Over more than a decade, the Company has proven itself to be a highly trusted property developer with a most recognisable brand name. It is the owner of the largest diversified landbank and a leader in pioneering projects in strategic locations throughout Indonesia.
Through a merger of 8 property related companies in 2004 the Company has expanded its business portfolio to encompass urban development, large scale integrated developments, retail malls, healthcare, hotels and leisure, as well as a fee-based income portfolio.
Lippo Karawaci is now the largest listed property company in Indonesia by total assets and revenue, with a unique and integrated business model. It operates Indonesia&rsquo s premier private hospital group, the only one achieving world class standards, and is an undisputed retail property industry leader.
chengwh1 ( Date: 11-May-2017 10:32) Posted:
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Actually, I' m tempted too to enter this REIT, but this REIT is also under the Lippo Group, which carries First REIT. Entering BOTH of Lippo Group' s REITs is not really strategic, because if something happens to Lippo,... two holdings will be affected. Secondly, if The Lippo Group suddenly comes up with a new plan, then both REITs are again affected. .... How many investors here are into both REITs, ie First REIT and LMIRT simultaneously ?
Further opinions ?
If comparing, parking fees reduce about 1500, then operating and maintenance reduce 1500 as well.
Ratio of 1:1
i think for need to continue monitor on this for the long run. Unless the reduction of sharing profit < operating and maintenance, else it will not be positive since LMRT losing more profit than the saving of maintenance cost.
sweetbear90 ( Date: 08-May-2017 10:26) Posted:
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Learning from other growing economy cyvles, as indonesia economy grow and inflation rises, carpark fee may rises and then it will become a great revenue source. Dpu rise is destined to grow 😆
Carpark is a necessity for shopping mall but parking fee may not be ridiculously high like sgp to profit from.
i think u can comapre carpark income vs " property operating and maintenance expenses" . Not a like-like comparison since we do not know all the consitutents of " property operating and maintenance expenses" . On the surface, seems like it' s a positive.
yeey3e ( Date: 07-May-2017 17:52) Posted:
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Unpolish gem slowly get discovered 😄
most of the carpark income are reported under a new contract arrangement, where the outsourced carpark operator absorbs all the carpark operating costs and is entitled to a portion of the parking revenues
Yes, carpark operator will absorb the operating cost but in the other hand LMRT sharing out the profit to the operator and this decision not really giving any positive reflection in the Q1 report.
Does anyone know what is the advantage of outsourced the carpark?
Lippo Mall Trsut Q1 Earning and DPU.
http://mystocksinvesting.com/singapore-reits/quarterly-earnings/dpu-summary-of-5-reits-who-reported-this-week-2-5-may-2017/
Indonesia economy only starting to warm up , still many msny msny good years ahead. Huat Arh🚀 🚀 🚀 🚀 🚀