LMIRT: After posting 1Q DPU (0.86¢, +5.1% y/y) that was in line, CIMB maintains Add with TP of $0.37.
-The house likes: 1) Sizeable lease renewals in FY17 (24% of portfolio), which could underpin growth organically, and 2) Proposed acquisition of Lippo Mall Kuta and Lippo Yogjakarta to further drive inorganic growth (current aggregate leverage: 35.7%).
-Trading at 9.4% FY16 yield.
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