Lippo Malls Indo Retail Trust

Lippo Malls Indo Retail Trust: 1Q13 results in line LMIRT posted 1Q13 gross rental income of $39.4m, +29.3% YoY. The increase was mainly due to the acquisition of the six new malls in 4Q12, and positive rental reversions for the existing malls. The higher gross rental income was partially offset by the effect of FX rates used for translating into SGD revenues denominated in IDR. Results for the quarter were in line with consensus expectations; DPU of 0.89 cent formed 26% of the street's FY13 estimate. OCBC maintains fair value of $0.52 and HOLD rating on LMIRT. House estimate a FY13F yield of 6.7%