Sell @ $0.57, $0.575, $0.585. No more left. Buyer code ’84’ – UBS, accumulating slowly from the mkt. 😀
Additional Comments (after mkt close)
Why I decided to sell all my LMIR,
1) At current prices, the yield is slightly lower than that of FirstREIT. In my classification, both LMIR and FirstREIT are in the same risk category as the bulk of their assets are in Indonesia. I deem LMIR to be higher risk as,
– All their assets are in Indonesia vs FirstREIT – some assets in S’pore and China(?)
– I deem Retail to be not as defensive as Healthcare in current high inflation environment
– FirstREIT have a longer listing record and price fluctuations is not as wild
As such, I’d expect at least a 1% extra yield from LMIR vs FirstREIT
2) The recent buy up is most likely single-handedly done by UBS based on more than 5 sell transactions from me and LS. Unless the mkt is in a bull phase, it’s very unlikely that other players will join in. It’s thus highly unlikely to be sustainable.
3) I don’t expect the coming results to be very outstanding. Last Q, they were already not meeting their IPO profit forecast as they had to lower rental rates to retain their anchor tenants. They managed to pay a higher DPU (vs IPO forecast) from lower expenses.
4) When I initially bot’ my first lots of LMIR, my intention was short term trading. Instead, it’d gone down and I’d ended up buying more to avg down and changed to a longer term objective… haha…
Note : If I remembered correctly, UBS had also previously ever pushed up LMIR from a low of aro’ $0.50 all the way to $0.66. Let’s see if they are able to do it again this time round.
