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Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, (D5IU) Fair Value & Analysis

Real Estate · SG · Market cap 119M SGD

LR Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, D5IU · SG
Price0.0070 SGD
Fair Value0.0077 SGD
Upside+10.5%
Quality47/100
Watch Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, for free — get notified when fair value or trend changes. Watch for free
Evidence: High Range 0.0071 SGD – 0.0087 SGD

Fair value as of: Jul 4, 2026

From 25 valuation models · updated today

Share price −12.5% over the past month.

Price vs Fair Value (12 months)

0.0230 SGD 0.0060 SGD Fair Value 0.0077 SGD Jul 2025 Jul 2026

12‑month range 0.0060 SGD – 0.0230 SGD · fair‑value band 0.0071 SGD – 0.0087 SGD · the 0.0070 SGD price screens below the 0.0077 SGD fair value. As of Jul 4, 2026.

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Analysis

Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, (D5IU) currently trades at 0.0070 SGD, while our model-based Fair Value estimate is 0.0077 SGD — implying the stock looks roughly 10.5% undervalued today. We read business quality at 47/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, generated revenue of 207M SGD at a net margin of 12.8%. Revenue grew 4.6% year over year. It earns a return on equity of 3.8%. Net debt stands at 625M SGD. Fundamentals as of Jul 4, 2026

Key figures & financial health

Revenue (TTM) 207M SGD
Revenue growth (YoY) +4.6%
Net margin 12.8%
Return on equity 3.8%
Free cash flow 77.2M SGD FY2025
Operating margin 53.5%
More key figures
EPS growth (YoY) -61.2%
Net debt 625M SGD FY2025

Figures from reported company fundamentals (EODHD) · as of Jul 4, 2026. TTM = trailing twelve months.

About the company

Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, is the only Indonesia-exposed retail real estate investment trust listed on SGX Securities. It offers investors a unique opportunity to participate in the retail property sector in Southeast Asia's largest economy. With the rebranding, the Trust has expanded its investment mandate to pursue a diversified, multi-asset and multi-geography approach with a focus on real estate opportunities across Asia. Landmark REIT's portfolio comprises 29 retail properties (the Properties) with a total net lettable area of 948,468 square meters and total carrying value of Rp18,609.8 billion as at 31 March 2026. The Properties are strategically located in major cities of Indonesia with large middle-income population. Tenants include well-known retailers such as Hypermart, Matahari Department Store and Sogo, as well as popular consumer brands including Zara, Uniqlo, H&M, Adidas, Victoria Secret, Giordano, Starbucks, Fitness First, Timezone, …

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, reported revenue of 205M SGD in FY2025 versus 175M SGD in FY2021, a compound +4.0%/yr. Reported net income was 32.0M SGD in FY2025.

Revenue +4.0%/yr
FY21 175M SGD
FY22 205M SGD
FY23 197M SGD
FY24 195M SGD
FY25 205M SGD
Net income
FY21 −32.5M SGD
FY22 1.6M SGD
FY23 −126M SGD
FY24 −36.4M SGD
FY25 32.0M SGD

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Similar stocks

6 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 4, 2026).

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Simon Property Group SPG $216.74 $113.07 -48%
Realty Income Corporation O 1,055 MXN 44.44 MXN -96%
Unibail-Rodamco-Westfield SE UNBLF $117.90 $115.55 -2%
Kimco Realty Corporation KIM $25.19 $20.39 -19%
Scentre Group STGPF $2.65 $2.31 -13%
CapitaLand Integrated Commercial Trust (CICT or the Trust) CPAMF $1.86 $1.06 -43%

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Frequently asked questions

Is Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, (D5IU) undervalued?
As of Jul 4, 2026, our model estimates a fair value of 0.0077 SGD versus a price of 0.0070 SGD — about +11% (undervalued). Model-based estimate, not financial advice.
What is the fair value of D5IU?
Our model-based fair value for Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, is 0.0077 SGD (as of Jul 4, 2026), built from audited fundamentals. The current price is 0.0070 SGD.
What is the quality score of D5IU?
Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, has a Quality Score of 47/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, (D5IU)?
Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, reported trailing-twelve-month revenue of about 207M SGD (latest available figure, as of Jul 4, 2026).
What is the net profit margin of D5IU?
The net profit margin of Landmark REIT, formerly Lippo Malls Indonesia Retail Trust, is about 12.8%, meaning it keeps roughly 12.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.