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Overview of Lippo Malls Trust
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Goldblade
Senior |
01-Aug-2024 15:25
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98% of their loans are no longer in SGD. No pressing loan obligations for 2024, 2025 and 2026 which would need them to take any more loan. Parent company owns 47% of the shares and have stepped up to back this company by putting their company on the line with the banks. Rental income is pretty steady as most of the loses are due to curreny appreciation which is crazy because of US and their joke economy. This should get better with rate cuts which are coming. In anyway, they have pivoted away from US/SGD currency into IDR. Whoever did this should be awared in the company. Some fool tried to make the same mistake again by issuing SGD demoniation notes but this was quickly halted. They only left 22M to pay in 2026 which i think their yearly rental income more than enough to cover. The AEIs should be able to handle with their profit as well as when they drawdown the loan facility no need extra loan. Leverage should get better with their currency appreciating so will their NPI. Only issue now is dividends. If another QnA comes up i will ask when they will revert back to dividends as they are a REIT afterall and its already been more than 1 year. Other than that, i think the stock bottomed out at 0.012 and i think has pretty good prospects |
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Mark001
Veteran |
01-Aug-2024 14:46
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Risk alert: Be cautious. This is a good sample of a stock that don' t sell and don' t lose on paper. but you almost lost all actually till now.
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Phantom1984
Member |
01-Aug-2024 11:38
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Summary of LMIR Trust' s 2Q 2024 Performance and Financial Results: Operational Recovery and Debt Management:
Financial Results (in S$ and Rp):
CEO' s Comments:
Prudent Capital Management:
Market Outlook:
Challenges and Future Focus:
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Joelton
Supreme |
30-Jul-2024 11:33
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LMIRT posts 9.2% fall in Q2 net property income distributions still withheld
Leverage ratio remains at &lsquo elevated level&rsquo of 44.96%, notes chief executive of the manager
LIPPO Malls Indonesia Retail Trust : D5IU 0% (LMIRT) posted a 9.2 per cent drop in net property income (NPI) to S$29.4 million for the second quarter ended Jun 30, amid a challenging interest rate and foreign exchange rate environment.
The trust also withheld distributions to unitholders and perpetual securities holders in the quarter, as it has done in recent quarters. LMIRT will continue to do so &ldquo pending an improvement in the trust&rsquo s financial and cash flow position&rdquo , its manager said in the earnings report on Monday (Jul 29).
The trust&rsquo s Q2 NPI fall came as rental revenue decreased 4.3 per cent to S$27 million, while gross revenue was down 5.1 per cent to S$48.1 million. In Indonesian rupiah terms, however, rental revenue and gross revenue were up 2.6 per cent and 1.7 per cent, respectively.
&ldquo The prevailing high interest rates and volatile foreign exchange environment continue to pose challenges for the trust,&rdquo the manager said.
Nevertheless, chief executive of the manager, James Liew, said strategic and active asset management initiatives have led to &ldquo positive operational recovery&rdquo , with the trust maintaining a &ldquo stable&rdquo portfolio occupancy rate of 79.9 per cent.
This is due to overall shopper traffic recovering to 70 per cent of pre-Covid levels in 2019, as well as rental renewals and new leases secured.
&ldquo The shopping mall landscape in Indonesia remains highly competitive with the rapid growth of online shopping and newer malls in certain regions. Nonetheless, the social and experiential value of malls continues to be significant to shoppers,&rdquo said Liew.
&ldquo We are actively managing our tenant mix to incorporate more entertainment and dining options, creating a diverse and interesting environment and choices to attract shoppers.&rdquo
Looking ahead, foreign currency risk has been reduced, LMIRT&rsquo s manager said. This is because sponsor Lippo Karawaci introduced the trust to Indonesian relationship banks and LMIRT has largely transited into an IDR-denominated financing structure. This acts as a natural hedge against its IDR-denominated asset base.
With 8.5 trillion rupiah (S$700 million) of IDR loan facilities, LMIRT fully repaid its SGD-denominated bank loans in early June. It also repurchased or fully redeemed its 2024 Notes due in June, and reduced its outstanding 2026 Notes due in February 2026 to US$22.6 million.
As such, the trust&rsquo s weighted average maturity of debt increased from 2.75 years as at end-December 2023 to 6.94 years. That said, its leverage ratio remains at an &ldquo elevated level&rdquo of 44.96 per cent as at Jun 30, Liew noted.
&ldquo (The) trust will need to continue to exercise prudence with its distributions to unitholders and holders of perpetual securities,&rdquo he said, also citing the need to meet the monthly principal loan repayments and fund expenditures and asset enhancement initiatives.
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tankoksee
Supreme |
30-Jul-2024 10:37
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in local currency, LMRT improved its performance.
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tankoksee
Supreme |
17-Jul-2024 10:54
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consolidation for 37 otw later,.
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Joelton
Supreme |
17-Jul-2024 10:49
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Fitch downgrades LMIRT to &lsquo C&rsquo from &lsquo CCC&rsquo on distressed debt exchange
The cut in ratings follows LMIRT&rsquo s announcement that it will proceed with a tender offer, subject to the fulfilment of certain conditions
FITCH Ratings has downgraded the long-term issuer default rating of Lippo Malls Indonesia Retail Trust (LMIRT) to &ldquo C&rdquo from &ldquo CCC&rdquo .
The see-saw in ratings comes after the credit ratings agency upgraded LMIRT&rsquo s rating back to &ldquo CCC&rdquo in June after downgrading it to &ldquo C&rdquo in May.
The cut in ratings follows LMIRT&rsquo s announcement that it will proceed with a tender offer, subject to the fulfilment of certain conditions.
On July 12, LMIRT&rsquo s manager said it received US$125.9 million in valid tenders on its 7.5 per cent senior notes due 2026, representing 84.78 per cent of the total principal amount outstanding of the notes. LMIRT also received valid consent to remove material covenants from no less than a majority in the aggregate principal amount of the notes due 2026.
&ldquo We believe the tender offer constitutes a distressed debt exchange (DDE), as the transaction will lead to a material reduction in terms and, in our view, it allows the issuer to avoid an eventual probable default,&rdquo Fitch said in a statement.
A &ldquo C&rdquo rating indicates an issuer is near default, and that a default or default-like process has begun. This is unlike a &ldquo CCC&rdquo rating, which indicates substantial risk and a very low margin for safety, with default as a real possibility.
Fitch Ratings downgrades LMIRT to &lsquo C&rsquo following exchange offer
Fitch said it will downgrade LMIRT&rsquo s issuer default rating to &ldquo restricted default&rdquo when the DDE is completed and reassess its ratings in accordance with the post-restructuring capital structure.
The credit ratings agency has also lowered its rating on LMIRT&rsquo s senior unsecured notes due 2026 to &ldquo C&rdquo from &ldquo CCC&rdquo and revised the recovery rating to &ldquo RR6&rdquo from &ldquo RR4&rdquo .
A recovery rating of RR6 implies poor recovery prospects if a default occurs. Such securities have characteristics consistent with securities historically recovering zero to 10 per cent of their current principal and related interest.
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Phantom1984
Member |
17-Jul-2024 09:10
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Here is the simplified version of the recent announcement. Please correct it if it has a different meaning from the original post.
Lippo Malls Indonesia Retail Trust (SIN: XS2295115997) Tender Offer and Consent Solicitation Results
Tender Offer Results:
Consent Solicitation Results:
Agents:
Documentation:
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Goldblade
Senior |
12-Jul-2024 19:23
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If you have invested in this counter do take note of developments for these next two weeks or so. This would be a good gauge of where this company is going. Also, do keep a look out for annoucements like the one they have released today. If you do have a read of their previous AGM whenere the CEO answered a question on whern dividends was returning, he mentioned that dividends will only resume once they have addressed their debt obligations for the near future and all their AEIs have resumed. They cleared all their debt obligations for this year, dont really have much next year and are going as far as 2026 to clear their obligations as seen from the annoucement today. Once again, not advocating for this stock in anyway, many singaporeans have been burned by this stock having invested even their CPF savings and for them to stop dividends for a whole year and for the stock to plunge to such levels is really painful. But i sincerely hope the management will do the shareholders right by offering some returns for them being faithful.
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Goldblade
Senior |
11-Jul-2024 22:13
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CPI came in slightly better than expected. Enroute to a rate cut in September. Hoping to have a slight drop tomorrow for people to pick up. Q2 Results should be coming out around National Day. | ||||
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Secret_Squirrel
Elite |
11-Jul-2024 21:54
Yells: "Stay curious but skeptical" |
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Indonesia' s Prabowo to allow debt-to-GDP ratio to reach 50%: ReportIndonesia' s Prabowo to allow debt-to-GDP ratio to reach 50%: Report - CNA (channelnewsasia.com)Indonesia Debt to GDP Ratio 1960-2024Indonesia Debt to GDP Ratio 1960-2024 | MacroTrends |
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Goldblade
Senior |
11-Jul-2024 18:51
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0.10 will not be in their current financial status thats for sure. Maybe closer to their NAV which would be a much fairer price. Before that, their need to restart their AEI and Dividends and make sure their occupancy rates increase. But the current price is still very attractive for a reit.
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tankoksee
Supreme |
11-Jul-2024 12:08
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23 cleared..can smell 37 next hurdle...
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Phantom1984
Member |
11-Jul-2024 11:40
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I completely understand your perspective. As a long-time shareholder, we share the same goals and interests for the company. Given the challenging market environment, we hope the CEO will take steps to protect investor interests. Naturally, investors must conduct thorough research to align with their risk appetite. I don' t believe this stock will reach 10 cents within the next three years. We need to closely evaluate the interest rate environment and the company' s strategic decisions. Hopefully, there will be more positive news to maintain a good outlook. | ||||
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Goldblade
Senior |
10-Jul-2024 15:30
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If you are talking about James Liew, he has quite good credentials. He used to work in Temasek and UOB before moving over. As for your question on bank loan, i dont think its any different in Indonesia as these banks giving out the loan are credible and wont give loans anyhow. Fitch or Moody' s hell even Edge has not been kind to them for quite some time now but I believe they are not corrupted or have bad management. They got their loan becuase their parent, lippo karawachi has stepped in. Lippo Karawachi is a substantial shareholder in Lippo Mall and so if you read the notice, one of the criteria is for the them to remain as a substantial shareholder. If you also notice, they have never pledeged any of their properties before when taking loan but this time they have so their loans are all secured. Having said that, this stock has plunged drastically from 0.22 pre covid to 0.02 now. They stopped giving dividends for more than 1 year and still counting. Not sure why the volume has been up the last 2 weeks, maybe there is news maybe its just forward looking investors. But if you are looking for answers, best to do your own research. You have to understand the management cannot give you very direct answers or else it would be insider trading or lead to market manipulation. If you are willing to take a chance, it has to come from you and your own research. |
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Phantom1984
Member |
10-Jul-2024 14:10
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Hey bro, regarding your statement " I did a bit of digging and understand that Lippo Mall' s management is quite reputable in the industry. They have a significant presence." Do you have any sources I can reference? I attended their AGM this year and had a brief chat with the CEO. I wanted to discuss the notes and their trust on the loan issue, but the CEO was somewhat defensive and didn' t fully address my concerns. Despite the rating for Lippo Mall dropping to CCC, it doesn' t seem to affect their ability to secure financial facilities in Indonesia. In Indonesia, loan approvals are not heavily dependent on company ratings. | ||||
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Goldblade
Senior |
09-Jul-2024 12:26
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Not hoping for dividends. Hoping that they drastically reduce their debt obligations by buying out the 2026 notes which we will know by end of this week. On the upside, there is a high chance rate cuts are coming this year and this stock is still severly undervalued even with no dividends. I did a bit of digging and understand that Lippo Mall manager/management is quite up there in the industry. They have quite a big name to themselves. Just giving my 2 cents, dont buy the share if you looking for short term but i think in the next 3 months or so it might be double this price. |
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vivacious
Supreme |
08-Jul-2024 16:00
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hopefully
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tankoksee
Supreme |
08-Jul-2024 15:34
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can pay dividends soon?
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tankoksee
Supreme |
08-Jul-2024 14:42
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30 can smell otw.
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