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Lippo Malls Indonesia Retail Trust

SGX:D5IU
Snowflake Description

Good value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
D5IU
SGX
SGD573M
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

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. The last earnings update was 1 day ago. More info.


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D5IU Share Price and Events
7 Day Returns
2.5%
SGX:D5IU
-0.8%
SG REITs
0.6%
SG Market
1 Year Returns
-35.9%
SGX:D5IU
2.8%
SG REITs
-6.1%
SG Market
D5IU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Lippo Malls Indonesia Retail Trust (D5IU) 2.5% 4.1% -4.7% -35.9% -36.9% -50%
SG REITs -0.8% 0.3% 5.3% 2.8% 14.3% 12%
SG Market 0.6% 3.2% 4.6% -6.1% 10% -2.2%
1 Year Return vs Industry and Market
  • D5IU underperformed the REITs industry which returned 2.8% over the past year.
  • D5IU underperformed the Market in Singapore which returned -6.1% over the past year.
Price Volatility
D5IU
Industry
5yr Volatility vs Market

D5IU Value

 Is Lippo Malls Indonesia Retail Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Lippo Malls Indonesia Retail Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Lippo Malls Indonesia Retail Trust.

SGX:D5IU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:D5IU
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 17%) (117.68%))
1.041
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.041 * 5.96%)
8.51%

Discounted Cash Flow Calculation for SGX:D5IU using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Lippo Malls Indonesia Retail Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:D5IU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SGD, Millions) Source Present Value
Discounted (@ 8.51%)
2019 138.90 Analyst x1 128.01
2020 133.20 Analyst x1 113.13
2021 130.22 Est @ -2.24% 101.93
2022 129.08 Est @ -0.87% 93.11
2023 129.19 Est @ 0.08% 85.88
2024 130.15 Est @ 0.75% 79.74
2025 131.73 Est @ 1.21% 74.37
2026 133.76 Est @ 1.54% 69.60
2027 136.12 Est @ 1.77% 65.27
2028 138.75 Est @ 1.93% 61.32
Present value of next 10 years cash flows SGD872.35
SGX:D5IU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD138.75 × (1 + 2.3%) ÷ (8.51% – 2.3%)
SGD2,287.26
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD2,287.26 ÷ (1 + 8.51%)10
SGD1,010.79
SGX:D5IU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD872.35 + SGD1,010.79
SGD1,883.15
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD1,883.15 / 2,894.90
SGD0.65
SGX:D5IU Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD0.65
Current discount Discount to share price of SGD0.21
= -1 x (SGD0.21 - SGD0.65) / SGD0.65
68.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Lippo Malls Indonesia Retail Trust is available for.
Intrinsic value
>50%
Share price is SGD0.205 vs Future cash flow value of SGD0.6505
Current Discount Checks
For Lippo Malls Indonesia Retail Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Lippo Malls Indonesia Retail Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Lippo Malls Indonesia Retail Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Lippo Malls Indonesia Retail Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Lippo Malls Indonesia Retail Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:D5IU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.02
SGX:D5IU Share Price ** SGX (2019-04-23) in SGD SGD0.21
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.52x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.18x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Lippo Malls Indonesia Retail Trust.

SGX:D5IU PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:D5IU Share Price ÷ EPS (both in SGD)

= 0.21 ÷ 0.02

13.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lippo Malls Indonesia Retail Trust is good value based on earnings compared to the SG REITs industry average.
  • Lippo Malls Indonesia Retail Trust is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Lippo Malls Indonesia Retail Trust's expected growth come at a high price?
Raw Data
SGX:D5IU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.49x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
5.1%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

SGX:D5IU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.49x ÷ 5.1%

2.62x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lippo Malls Indonesia Retail Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Lippo Malls Indonesia Retail Trust's assets?
Raw Data
SGX:D5IU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD0.38
SGX:D5IU Share Price * SGX (2019-04-23) in SGD SGD0.21
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.95x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:D5IU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:D5IU Share Price ÷ Book Value per Share (both in SGD)

= 0.21 ÷ 0.38

0.54x

* Primary Listing of Lippo Malls Indonesia Retail Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lippo Malls Indonesia Retail Trust is good value based on assets compared to the SG REITs industry average.
X
Value checks
We assess Lippo Malls Indonesia Retail Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Lippo Malls Indonesia Retail Trust has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

D5IU Future Performance

 How is Lippo Malls Indonesia Retail Trust expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Lippo Malls Indonesia Retail Trust expected to grow at an attractive rate?
  • Lippo Malls Indonesia Retail Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Lippo Malls Indonesia Retail Trust's earnings growth is positive but not above the Singapore market average.
  • Lippo Malls Indonesia Retail Trust's revenues are expected to decrease over the next 1-3 years, this is below the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:D5IU Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:D5IU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 5.1%
SGX:D5IU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -3.2%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.9%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:D5IU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:D5IU Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 233 142 47 1
2019-12-31 233 148 45 1
SGX:D5IU Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 247 138 43
2018-12-31 230 142 43
2018-09-30 216 138 31
2018-06-30 201 154 38
2018-03-31 198 156 44
2017-12-31 197 141 49
2017-09-30 197 133 31
2017-06-30 194 134 31
2017-03-31 191 129 32
2016-12-31 188 132 26
2016-09-30 184 151 29
2016-06-30 181 138 30

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Lippo Malls Indonesia Retail Trust's earnings are expected to grow by 5.1% yearly, however this is not considered high growth (20% yearly).
  • Lippo Malls Indonesia Retail Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:D5IU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Lippo Malls Indonesia Retail Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:D5IU Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.02 0.02 0.02 1.00
2019-12-31 0.02 0.02 0.02 1.00
SGX:D5IU Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31
2018-12-31 0.02
2018-09-30 0.01
2018-06-30 0.01
2018-03-31 0.02
2017-12-31 0.02
2017-09-30 0.01
2017-06-30 0.01
2017-03-31 0.01
2016-12-31 0.01
2016-09-30 0.01
2016-06-30 0.01

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Lippo Malls Indonesia Retail Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Lippo Malls Indonesia Retail Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Lippo Malls Indonesia Retail Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

D5IU Past Performance

  How has Lippo Malls Indonesia Retail Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Lippo Malls Indonesia Retail Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Lippo Malls Indonesia Retail Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Lippo Malls Indonesia Retail Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Lippo Malls Indonesia Retail Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
Lippo Malls Indonesia Retail Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Lippo Malls Indonesia Retail Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:D5IU Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 247.09 42.74 0.67
2018-12-31 230.30 43.21 0.46
2018-09-30 215.90 30.64 -0.04
2018-06-30 200.68 37.72 0.63
2018-03-31 197.91 44.27 0.53
2017-12-31 197.38 48.66 0.42
2017-09-30 196.78 31.07 1.42
2017-06-30 194.21 31.09 0.77
2017-03-31 191.13 31.51 0.30
2016-12-31 188.07 26.26 0.33
2016-09-30 184.00 28.63 -0.20
2016-06-30 181.11 30.36 0.11
2016-03-31 176.56 27.44 0.07
2015-12-31 173.00 26.45 0.34
2015-09-30 164.38 69.16 1.18
2015-06-30 153.51 65.79 0.79
2015-03-31 145.29 66.45 0.66
2014-12-31 136.99 63.82 0.30
2014-09-30 134.87 49.51 0.20
2014-06-30 140.56 58.72 0.19
2014-03-31 146.90 62.50 0.23
2013-12-31 152.60 70.44 0.32
2013-09-30 153.50 154.69 0.46
2013-06-30 148.84 151.68 0.40
2013-03-31 144.18 149.55 0.32
2012-12-31 150.37 148.57 0.30
2012-09-30 152.50 106.66 0.49
2012-06-30 151.50 101.24 0.49

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Lippo Malls Indonesia Retail Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Lippo Malls Indonesia Retail Trust used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • Lippo Malls Indonesia Retail Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Lippo Malls Indonesia Retail Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Lippo Malls Indonesia Retail Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

D5IU Health

 How is Lippo Malls Indonesia Retail Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Lippo Malls Indonesia Retail Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Lippo Malls Indonesia Retail Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Lippo Malls Indonesia Retail Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Lippo Malls Indonesia Retail Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Lippo Malls Indonesia Retail Trust Company Filings, last reported 3 weeks ago.

SGX:D5IU Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,113.79 674.55 74.66
2018-12-31 1,079.21 677.14 52.68
2018-09-30 1,044.59 731.67 99.24
2018-06-30 1,113.10 725.85 96.67
2018-03-31 1,113.04 700.07 78.29
2017-12-31 1,167.93 690.47 64.90
2017-09-30 1,258.15 573.61 74.92
2017-06-30 1,297.41 642.70 149.62
2017-03-31 1,193.23 641.77 67.85
2016-12-31 1,232.56 643.09 77.75
2016-09-30 1,237.19 684.26 213.88
2016-06-30 1,061.25 687.58 75.16
2016-03-31 1,062.08 686.15 82.15
2015-12-31 1,075.12 689.01 80.59
2015-09-30 1,042.11 687.91 79.76
2015-06-30 1,068.55 688.59 158.99
2015-03-31 1,132.94 623.43 100.02
2014-12-31 1,149.73 624.36 103.92
2014-09-30 1,021.11 470.59 223.47
2014-06-30 1,015.59 469.84 222.92
2014-03-31 1,109.79 470.55 227.19
2013-12-31 1,009.55 616.23 370.71
2013-09-30 996.38 464.26 127.64
2013-06-30 1,245.72 462.88 142.93
2013-03-31 1,240.67 461.53 134.36
2012-12-31 1,230.90 462.73 139.41
2012-09-30 1,153.77 387.23 347.34
2012-06-30 1,215.53 147.50 110.66
  • Lippo Malls Indonesia Retail Trust's level of debt (60.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (42.4% vs 60.6% today).
  • Debt is well covered by operating cash flow (20.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.1x coverage).
X
Financial health checks
We assess Lippo Malls Indonesia Retail Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Lippo Malls Indonesia Retail Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

D5IU Dividends

 What is Lippo Malls Indonesia Retail Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10%
Current annual income from Lippo Malls Indonesia Retail Trust dividends. Estimated to be 11.71% next year.
If you bought SGD2,000 of Lippo Malls Indonesia Retail Trust shares you are expected to receive SGD200 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Lippo Malls Indonesia Retail Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • Lippo Malls Indonesia Retail Trust's dividend is above the markets top 25% of dividend payers in Singapore (5.47%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:D5IU Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.6%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:D5IU Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.02 1.00
2019-12-31 0.02 1.00
SGX:D5IU Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-02-22 0.021 10.243
2018-02-13 0.034 12.612
2017-08-03 0.036 8.487
2017-05-04 0.036 8.184
2017-03-31 0.034 8.371
2017-02-15 0.034 8.721
2016-04-01 0.031 8.561
2016-02-23 0.031 9.761
2015-04-09 0.028 8.330
2015-02-11 0.028 7.919
2014-04-23 0.033 8.453
2014-02-13 0.033 8.129
2013-04-10 0.030 6.472
2013-02-07 0.030 5.726
2012-04-30 0.028 6.271
2012-04-10 0.039 9.205
2012-02-16 0.039 9.663
2011-11-03 0.042 11.374
2011-08-04 0.044 8.165
2011-04-28 0.047 8.069
2011-03-21 0.044 8.093
2011-02-16 0.044 8.238
2010-04-09 0.050 10.037
2010-02-09 0.050 10.322
2009-11-04 0.049 9.905
2009-08-03 0.052 11.186
2009-04-24 0.054 15.758

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Lippo Malls Indonesia Retail Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Lippo Malls Indonesia Retail Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Lippo Malls Indonesia Retail Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Lippo Malls Indonesia Retail Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

D5IU Management

 What is the CEO of Lippo Malls Indonesia Retail Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gouw Viven Sitiabudi
AGE 62
TENURE AS CEO 0.5 years
CEO Bio

Mrs. Gouw Viven Sitiabudi is Chief Executive Officer and Executive Director of LMIRT Management Ltd at Lippo Malls Indonesia Retail Trust since October 05, 2018. She served as Interim Chief Executive Officer of Lmirt Management Ltd at Lippo Malls Indonesia Retail Trust since August 23, 2016 until April 13, 2017. Mrs. Sitiabudi served as the Chief Executive Officer at Legal and General Australia's operations in Indonesia and Vice President Director at Allianz Life Indonesia. She led Lippo Karawaci to its position as one of the largest life insurance companies in Indonesia and piloted its Initial Public Offering. She has been integral in identifying the opportunity for the Sponsor to invest in retail properties (the strata malls and the planned leased malls), enhancing existing assets and ensuring the delivery of the Sponsor's development projects, which span across a variety of real estate sectors, including urban/township, residential clusters, condominium, hospitals as well as hotel projects, throughout Indonesia. She has more than 20 years of experience in management, marketing and sales. She has a wealth of experience in general management, corporate planning and marketing. She pioneered PT Lippo Life Insurance and served as its President Director until 1995. She served as President Commissioner at PT Lippo Karawaci Tbk. She serves as an Executive Director at LMIRT Capital Pte. Ltd. She served as an Executive Director of LMIRT Management Ltd, a manager of Lippo Malls Indonesia Retail Trust since June 2007 until April 13, 2017. She served as the Commissioner at PT Lippo Karawaci Tbk until March 24 2016. She served as Commissioner at PT Multipolar Tbk until 2016. She graduated from the University of New South Wales, Australia in 1977 with a Degree in Computer Science and Statistics.

CEO Compensation
  • Insufficient data for Gouw Viven to compare compensation growth.
  • Insufficient data for Gouw Viven to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure of the Lippo Malls Indonesia Retail Trust management team in years:

1.3
Average Tenure
  • The average tenure for the Lippo Malls Indonesia Retail Trust management team is less than 2 years, this suggests a new team.
Management Team

Gouw Viven Sitiabudi

TITLE
CEO & Executive Director of LMIRT Management Ltd
AGE
62
TENURE
0.5 yrs

Han Wong

TITLE
Chief Financial Officer - LMIRT Management Ltd
AGE
43
TENURE
1.8 yrs

Christina Lee

TITLE
Director of Legal & Compliance - LMIRT Management Ltd
TENURE
1.3 yrs

Shao Heng

TITLE
Director of Asset Management & Business Development - LMIRT Management Ltd
TENURE
1.3 yrs

James Liew

TITLE
Deputy Chief Executive Officer of LMIRT Management Ltd
TENURE
0.5 yrs

Victor Lai

TITLE
Company Secretary of LMIRT Management Ltd
TENURE
1.9 yrs

Ella Jia

TITLE
Financial Controller of LMIRT Management Ltd
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Lippo Malls Indonesia Retail Trust board of directors in years:

1.6
Average Tenure
67
Average Age
  • The average tenure for the Lippo Malls Indonesia Retail Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ketut Wijaya

TITLE
Chairman of the Board - LMIRT Management Ltd
COMPENSATION
SGD126K
AGE
62
TENURE
1.6 yrs

Gouw Viven Sitiabudi

TITLE
CEO & Executive Director of LMIRT Management Ltd
AGE
62
TENURE
0.5 yrs

Douglas Chew

TITLE
Lead Independent Director - LMIRT Management Ltd
COMPENSATION
SGD81K
AGE
67
TENURE
1.6 yrs

Phillip Lee

TITLE
Independent Director - LMIRT Management Ltd
COMPENSATION
SGD85K
AGE
76
TENURE
7.7 yrs

Tiam Goh

TITLE
Independent Director - LMIRT Management Ltd
COMPENSATION
SGD76K
AGE
72
TENURE
7.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
21. Jan 19 Buy PT Lippo Karawaci Tbk Company 17. Jan 19 17. Jan 19 157,296,347 SGD0.21 SGD33,032,316
17. Jan 19 Sell LMIRT Management Ltd. Company 17. Jan 19 17. Jan 19 -157,296,347 SGD0.21 SGD-33,032,316
X
Management checks
We assess Lippo Malls Indonesia Retail Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Lippo Malls Indonesia Retail Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

D5IU News

Simply Wall St News

What You Need To Know Before Investing In Lippo Malls Indonesia Retail Trust (SGX:D5IU)

Lippo Malls Indonesia Retail Trust is a S$570m. … real estate investment trust (REIT) based in Singapore, Singapore. … See our latest analysis for Lippo Malls Indonesia Retail Trust.

Simply Wall St -

What Kind Of Shareholders Own Lippo Malls Indonesia Retail Trust (SGX:D5IU)?

If you want to know who really controls Lippo Malls Indonesia Retail Trust (SGX:D5IU), then you'll have to look at the makeup of its share registry. … With a market capitalization of S$572m, Lippo Malls Indonesia Retail Trust is a small cap stock, so it might not be well known by many institutional investors. … See our latest analysis for Lippo Malls Indonesia Retail Trust

Simply Wall St -

Imagine Owning Lippo Malls Indonesia Retail Trust And Wondering If The 42% Share Price Slide Is Justified

Lippo Malls Indonesia Retail Trust (SGX:D5IU) shareholders should be happy to see the share price up 12% in the last quarter. … Check out our latest analysis for Lippo Malls Indonesia Retail Trust. … Looking back five years, both Lippo Malls Indonesia Retail Trust's share price and EPS declined; the latter at a rate of 31% per year.

Simply Wall St -

Before You Buy Lippo Malls Indonesia Retail Trust (SGX:D5IU), Consider Its Volatility

Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider.

Simply Wall St -

Are Insiders Selling Lippo Malls Indonesia Retail Trust (SGX:D5IU) Stock?

So before you buy or sell Lippo Malls Indonesia Retail Trust (SGX:D5IU), you may well want to know whether insiders have been buying or selling. … See our latest analysis for Lippo Malls Indonesia Retail Trust. … Lippo Malls Indonesia Retail Trust Insider Transactions Over The Last Year.

Simply Wall St -

Lippo Malls Indonesia Retail Trust (SGX:D5IU): The Yield That Matters The Most

Today we will examine Lippo Malls Indonesia Retail Trust’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Free cash flow (FCF) is the amount of cash Lippo Malls Indonesia Retail Trust has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations. … The two ways to assess whether Lippo Malls Indonesia Retail Trust’s FCF is sufficient, is to compare the FCF yield to the market index yield, as well as determine whether the top-line operating cash flows will continue to grow

Simply Wall St -

Investing In Property Through Lippo Malls Indonesia Retail Trust (SGX:D5IU)

Lippo Malls Indonesia Retail Trust is a S$671m. … real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for Lippo Malls Indonesia Retail Trust

Simply Wall St -

Why Lippo Malls Indonesia Retail Trust (SGX:D5IU) May Not Be As Efficient As Its Industry

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Lippo Malls Indonesia Retail Trust (SGX:D5IU) performed in line with its retail reits industry on the basis of its ROE – producing a return of 5.0% relative to the peer average of 6.6% over the past 12 months. … Check out our latest analysis for Lippo Malls Indonesia Retail Trust

Simply Wall St -

Lippo Malls Indonesia Retail Trust (SGX:D5IU) And The Real Estate Industry Prospect For 2018

operates in the real estate industry … Real estate investment trust, or a REIT, is a collective vehicle for investing in real estate that began in the US and has since been adopted worldwide as an investment asset … Real estate analysts are forecasting for the entire industry,

Simply Wall St -

Is Lippo Malls Indonesia Retail Trust (SGX:D5IU) A Cash Cow?

Two important questions to ask before you buy Lippo Malls Indonesia Retail Trust (SGX:D5IU) is, how it makes money and how it spends its cash. … Today we will examine Lippo Malls Indonesia Retail Trust’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Lippo Malls Indonesia Retail Trust generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating

Simply Wall St -

D5IU Company Info

Description

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’s current asset portfolio comprises 23 retail malls (“Retail Malls”) and seven retail spaces located within other retail malls (“Retail Spaces”, and collectively with the Retail Malls, the “Properties”). The Properties have a total net lettable area of 910,749 square metres and total valuation of Rp19,514.1 billion as at 31 December 2018, 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’s Secret, Promod, McDonalds, Pizza Hut, Kentucky Fried Chicken, A&W, Fitness First and Starbucks.

Details
Name: Lippo Malls Indonesia Retail Trust
D5IU
Exchange: SGX
Founded: 2007
SGD573,190,720
2,894,902,627
Website: http://www.lmir-trust.com
Address: Lippo Malls Indonesia Retail Trust
50 Collyer Quay,
No 06-07 OUE Bayfront,
Singapore,
49321,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX D5IU Units Singapore Exchange SG SGD 19. Nov 2007
OTCPK LPMD.F Units Pink Sheets LLC US USD 19. Nov 2007
DB 3HJ Units Deutsche Boerse AG DE EUR 19. Nov 2007
Number of employees
Current staff
Staff numbers
0
Lippo Malls Indonesia Retail Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 12:47
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/02/22
Last earnings filing: 2019/04/22
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.