Lippo Malls

Lippo Malls: PT Lippo Karawaci, Indonesia’s largest listed ppty co and LMIRT’s sponsor, will have finished building about half of the 15 new malls it has plans for by 2015, in cities such as Semarang in north Java, Denpasar in Bali and Manado in north Sulawesi province. Starting from a lower base of development, OCBC believe that some of these cities should see higher rates of retail growth than Jakarta. These malls could serve as a longer term pipeline for LMIRT. House maintain fair value of $0.52 and BUY rating on LMIRT.