Lippo Malls Trust

Lippo Malls Trust: 1Q13 net property income increased 20.8% to $37.3m, mainly due to contributions from six acquisitions made in 4Q12. DPU increased 29.6% to 0.89cents, implied 1Q13 annualised distribution yield of 6.9%. Riding on Indonesia's improving consumerism, Lippo malls would be in a good position to implement positive rental reversions and increase its occupancy rates. Above that, Lippo malls also has the right of first refusal on it's sponsor- Lippo Karawaci's upcoming development of 15 malls to be built over the next three years. The management is positive on the outlook for the retail space, with a stronger GDP growth of 6.8% for 2013 vs 6.2% in 2012, as well as the rising income per capita. Gearing decreased marginally to 24.3%; NAV per share of 56.54¢, implied P/B valuation of 0.95x;