An short recap of operation numbers and my thoughts:
Lippo DPU falls to 0.56 cents
It is due to several results
1) currency weakness affecting revenue conversion back to S$
2) Some one off finance expenses due to the MTN notes which was repayed in Q1
I am not overly concerned with the above reasons, because 1) while valid is not something that company can control, 2) should fall to more reasonable level for Q1 onwards, when gearing fall back to 26%.
I am more concerned about its operation and is rather puzzled with the following:
Operating wise, occupancy rate is stable at 95% overall, NLA has a small 1% increase due to completion of AEI, from 719695 m2 to 725601 m2. It is still having positive rental revision with lease renewed. SO net net gross revenue for LMRT in IDR dollars should be stable or increasing.
YET, it ......