Lippo-Mapletree Indonesia Retail Trust (LMIR Trust) posted S$21.4m in gross revenue, 1% higher than the trust's forecast at IPO but 19% lower QoQ. The REIT recorded net property income of S$12.4m, 38% lower than LMIR's forecast and 51% lower QoQ. Meanwhile, property values slipped 9% in Indonesian Rupiah terms, by our estimates, at the annual revaluation. Because of that downward shift in valuations as well as adverse IDR-SGD forex movements, LMIR Trust booked a S$344.5m fair value loss on its P&L statements. The trust will distribute S$3.2m to unitholders, 79% lower than LMIR's forecast and 81% lower QoQ. This translates to a DPU of 0.3 cents for the quarter, or an annualized yield of just 4.3%. The results did not meet our expectations. The trust said that certain tenants have given notice of termination of their leases and it has made provisions for S$7m in receivables. With the wide deviation in actual versus LMIR's forecast 4Q results, we are placing our rating and fair value estimate (prev: BUY, S$0.39) under review until we speak with management.