ShareJunction - Member Posts

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going to rocket up soon!

Goldblade ( Date: 07-Jul-2024 15:53) Posted:

Can any technical experts here adivse? Lippo Mall' s Price to Book ratio is currently 0.18 and its NAV is 0.064 but its currently trading at 0.017? is that correct or am I seeing something that is not right?

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Can any technical experts here adivse? Lippo Mall' s Price to Book ratio is currently 0.18 and its NAV is 0.064 but its currently trading at 0.017? is that correct or am I seeing something that is not right?

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can smell 20 soon..

Goldblade ( Date: 04-Jul-2024 13:07) Posted:

I think this time is difffernt.

a) they never issue rights or notes. They pledged their own property to take loan.
b) they buying out all the note holders. They already did it for the one due in 2024 now going for 2026. Forward looking for logevity.
c) they income quite steady so far so can depend on it to come in
d) likely there will be a rate cut which will help their cause as well as help IDR currency
e) their sponsor has heavily stepped in. infact the sponsor still holds majority of the shares in the company.
f) the only downside is they have not reinstated their dividends

Still undervalue. Lets see where this goes. might have a future afterall.

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I think this time is difffernt.

a) they never issue rights or notes. They pledged their own property to take loan.
b) they buying out all the note holders. They already did it for the one due in 2024 now going for 2026. Forward looking for logevity.
c) they income quite steady so far so can depend on it to come in
d) likely there will be a rate cut which will help their cause as well as help IDR currency
e) their sponsor has heavily stepped in. infact the sponsor still holds majority of the shares in the company.
f) the only downside is they have not reinstated their dividends

Still undervalue. Lets see where this goes. might have a future afterall.

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Paying Debts With More Debts!

Ten Boiling Pots With Only Nine Lids, Always Short Of Covers!

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LMIRT upsizes loan facility to 4.5 trillion rupiah

Proceeds will be used to finance the purchase of outstanding 7.5 per cent senior notes due 2026

LIPPO Malls Indonesia Retail Trust (LMIRT) upsized its term loan facility to 4.5 trillion rupiah (S$371.8 million) from 2.5 trillion rupiah previously.

The original loan &ndash which was obtained in May &ndash came with an average life of about eight years, based on the facility agreement.

On Thursday (Jun 27), LMIRT&rsquo s manager said the trust has on Jun 7 drawn down and used 2.3 trillion rupiah to prepay its secured bank loans that are denominated in Singapore dollars.

Proceeds from the upsized facility will be used to finance the purchase of outstanding 7.5 per cent senior notes due 2026. They will also be used to pay a consent fee related to the consent solicitation for these notes, as well as other related fees and expenses.

The senior notes are unconditionally and irrevocably guaranteed by Perpetual (Asia), the trustee of LMIRT.

In a separate announcement, the real estate investment trust (Reit) said it started a consent solicitation process to amend certain provisions related to notes due 2026.

In 2021, LMIRT issued US$200 million senior notes at 7.5 per cent. In May this year, it issued another US$17.6 million notes at 7.5 per cent.

The proposed amendments include substantially eliminating restrictive covenants and reporting requirements, as well as certain events of default in the contracts of the issued notes.

As part of the upsized facility agreement, changes to LMIRT&rsquo s single largest unitholder and LMIRT management&rsquo s shareholder will be considered a mandatory prepayment event.

Currently, the Reit&rsquo s single largest unitholder is Lippo Karawaci, a real estate and healthcare platform in Indonesia. Therefore, a change in control of Lippo Karawaci would also trigger a mandatory prepayment event for the Reit.

If the prepayment event occurs, the aggregate level of loan facilities that may be affected as at Thursday is about S$260 million, excluding interest.

Meanwhile, the aggregate level of loan facilities of LMIRT Capital and the trust&rsquo s other subsidiaries that may be affected as at the date of this announcement is about S$723.4 million.

&ldquo This does not take into account the amount of the loan facilities which have not been drawn down, including those in respect of the upsized facility,&rdquo said the manager.

On Tuesday, the manager said LMIRT&rsquo s aggregate leverage ratio is estimated to range between 45 and 45.2 per cent, up from the last disclosed 43.7 per cent as at end-March.

This came mainly as the rupiah appreciated by a significant 3.5 per cent against the Singapore dollar, reducing the value of LMIRT&rsquo s assets after translation into the latter currency.

However, the manager noted that the Reit&rsquo s existing loans do not contain any financial covenants linked to the aggregate leverage limit, and that the trust remains in compliance with financial covenants in its existing loans.

The 45 to 45.2 per cent gearing range estimated by the manager remains subject to the finalisation of the Reit&rsquo s unaudited financial statements for the second quarter ending Jun 30.

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LMIRT&rsquo s gearing exceeds 45% amid currency changes

The manager says this does not breach the aggregate leverage limit as defined in the Singapore Exchange&rsquo s Collective Investment Schemes code

LIPPO Malls Indonesia Retail Trust&rsquo s (LMIRT : D5IU +8.33%) aggregate leverage ratio is estimated to range between 45 and 45.2 per cent, up from the last disclosed 43.7 per cent as at end-March 2024.

This came mainly as the rupiah appreciated by a significant 3.5 per cent against the Singapore dollar, reducing the value of LMIRT&rsquo s assets after translation into the latter currency.

A 0.9 per cent appreciation of the US dollar against the Singapore dollar further contributed to the increase, as the trust&rsquo s outstanding US dollar notes grew in value upon currency translation.

On Tuesday (Jun 25), the Indonesian retail real estate investment trust&rsquo s (Reit) manager noted LMIRT&rsquo s latest gearing ratio to be &ldquo marginally&rdquo above the 45 per cent regulatory limit.

It also denied breaching the aggregate leverage limit of 45 per cent as defined in the Singapore Exchange&rsquo s Collective Investment Schemes code.

In Singapore, the regulatory gearing limit for Reits is 45 per cent with the exception of those with an interest coverage ratio of at least 2.5 times, which then allows for a maximum limit of 50 per cent.

This limit is not considered to be breached if the limit is exceeded due to circumstances beyond the manager&rsquo s control.

&ldquo A decline in the asset value of LMIRT as a consequence of a depreciation of foreign exchange is a circumstance beyond the control of the manager,&rdquo said LMIRT&rsquo s manager.

&ldquo Under the Property Funds Appendix, if the aggregate leverage limit is exceeded as a result of a depreciation in the asset value of the property fund, the manager should not incur additional borrowings or enter into further deferred payment arrangements. Refinancing of existing borrowings is not construed as incurring additional borrowings.&rdquo

The manager also emphasised that the Reit&rsquo s existing loans do not contain any financial covenants linked to the aggregate leverage limit, and that the trust remains in compliance with financial covenants in its existing loans.

The 45 to 45.2 per cent gearing range estimated by the manager remains subject to the finalisation of the Reit&rsquo s unaudited financial statements for the second quarter ending Jun 30.

The manager said it will make the necessary announcement once information on the actual aggregated ratio is available.

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Not advocating for this stock in anyway. Its funny to release notes when dividend stopper is still active. Dyodd

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It's worth nothing

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one of the worse stocks on SGX. Dont waste your hard earned money. The management will just eat your money and use it for their own gains.

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Dead and buried

Wordee ( Date: 30-May-2024 11:23) Posted:

Dead cat bounce?

Joelton ( Date: 30-May-2024 09:56) Posted:

LMIRT bags 2.5 trillion rupiah loan facility

This comes after Fitch Ratings&rsquo downgrades

LIPPO Malls Indonesia Retail Trust (LMIRT) has obtained a secured amortising term loan facility of up to 2.5 trillion rupiah (S$209.5 million).

The loan comes with an average life of about eight years based on the facility agreement dated May 28, 2024, said LMIRT&rsquo s manager on Wednesday (May 29).

About 2.3 trillion rupiah of the proceeds will be used to prepay the trust&rsquo s Singapore dollar-denominated secured bank loans in June.

The manager noted that the balance proceeds will likely be available for drawdown in the third quarter upon satisfaction of certain conditions.

It added that the facility agreement requires a mandatory prepayment if Lippo Karawaci ceases to be the single largest unitholder of LMIRT and is no longer the ultimate shareholder of LMIRT&rsquo s manager.

If the prepayment event occurs, the aggregate level of loan facilities of LMIRT that may be affected as at Wednesday is about S$357.3 million, excluding interest.

Additionally, the aggregate level of loan facilities of LMIRT&rsquo s subsidiaries that may be affected as at the date of this announcement is around S$633.5 million.

&ldquo This does not take into account the amount of the loan facilities which have not been drawn down,&rdquo noted the manager, referring to the new 2.5 trillion rupiah facility.

Fitch Ratings recently downgraded the long-term issuer default rating of LMIRT to &ldquo C&rdquo from &ldquo CC&rdquo .

It also downgraded the rating on LMIRT&rsquo s senior unsecured notes, due 2024 and 2026, to &ldquo C&rdquo from &ldquo CC&rdquo , with a recovery rating of &ldquo RR4&rdquo .

A rating of &ldquo C&rdquo indicates an issuer is near default, and that a default or default-like process has begun a &ldquo CC&rdquo rating indicates very-high levels of credit risk, with a default of some kind appearing probable.

A recovery rating of &ldquo RR4&rdquo suggests average recovery prospects if a default were to take place. Such securities have characteristics consistent with securities historically recovering 31 to 50 per cent of their current principal and related interest.