Lippo Malls Indonesia Retail Trust (LMIRT) is presently the only SGX-listed REIT that specifically invests in retail malls and spaces across Indonesia. The REIT has received a downgrade in credit rating from Baa3 to Ba1 on 7 March 2018 by Moody’s.

Its impact, however, was felt two months earlier after news of LMIRT’s drop in credit rating was released on 21 December 2017. Ever since LMIRT’s stock price had dropped from S$ 0.41 to S$ 0.38 presently. The management, to its credit, has responded candidly by issuing press releases to state its debt levels in an attempt to restore investors’ confidence.

From an investor’s viewpoint, the questions are: ‘Is this setback a permanent thing to LMIRT? Or, does LMIRT have the ability to emerge stronger after a setback like this?’ Here, I’ll examine in great detail its past achievements, the current financial standings and its growth potential …