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Rating Action:

Moody's affirms Pakuwon Jati's Ba2 ratings; outlook stable

18 Dec 2019

Singapore, December 18, 2019 -- Moody's Investors Service has affirmed the Ba2 corporate family rating of Pakuwon Jati, Tbk. (P.T.).

At the same time, Moody's has affirmed the Ba2 backed senior unsecured rating on the 2024 notes issued by Pakuwon Prima Pte. Ltd., a wholly owned and guaranteed subsidiary of Pakuwon Jati.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The rating affirmation reflects Pakuwon Jati's strong credit metrics and very good liquidity even in the current subdued operating environment, supported by a well-balanced income stream from its high-quality portfolio of development and investment properties," says Jacintha Poh, a Moody's Vice President and Senior Credit Officer.

"The company's investment properties comprise mostly retail malls that generate stable and recurring income, mitigating the volatile cash flow from its cyclical property development business," adds Poh, who is also Moody's Lead Analyst for Pakuwon Jati.

Pakuwon Jati's marketing sales have slowed significantly in 2019 as the challenging macro-environment and election activities in the first half of the year have weakened demand for property. In the first nine months of 2019, the company achieved IDR1.0 trillion of marketing sales, less than half the IDR2.2 trillion achieved in 2018.

While the weaker marketing sales will lead to a decline in Pakuwon Jati's development revenue over the next 12-18 months, total revenue will be supported by continued growth in its leasing business. Moody's expects Pakuwon Jati's revenue to register around IDR7.3 trillion in 2020 (based on recognition of high rise building revenue by percentage of completion), 53% of which will be from recurring sources.

More broadly, Moody's also expects Pakuwon Jati's resilient leasing business will continue to support its strong credit metrics. Specifically, over the next 12-18 months, Moody's expects the company's adjusted debt/homebuilding EBITDA to be around 1.2x and homebuilding EBIT/interest expense to be 9.5x. At the same time, Moody's expects Pakuwon Jati's recurring cash flows to cover around 5.5x of interest paid.

Pakuwon Jati's rating is constrained by the company's small scale relative to its regional and global peers, and its lack of geographic diversification.

Pakuwon Jati continues to maintain very good liquidity. As of 30 September 2019, the company had a cash position of IDR4.5 trillion, and Moody's expects it to generate around IDR2.7 trillion of operating cash flow over the next 15 months.

Such an amount will be more than sufficient to repay its debt maturing over the next 15 months of around IDR1.1 trillion, dividend payment of around IDR400 billion, and projected capital spending of around IDR2.3 trillion.

In terms of environmental, social and governance (ESG) factors, Moody's has considered the governance risk stemming from Pakuwon Jati's concentrated ownership by its promoter and three-member board of commissioners, of which one member is independent.

These governance concerns are partially balanced by the company's (1) diversified operations that provide for a well-balanced income stream; and (2) track record of maintaining strong credit metrics, modest dividend payout and very good liquidity since 2012.

The stable ratings outlook reflects Moody's expectation that Pakuwon Jati's credit metrics will continue to be supported by the recurring income from its investment properties, as well as its ongoing financial discipline, while continuing to pursue growth.

A ratings upgrade is unlikely, given Pakuwon Jati's small revenue base and geographic concentration.

Nevertheless, Moody's would consider upgrading the rating if the company grows its revenue while maintaining a strong financial profile, with adjusted debt/homebuilding EBITDA below 1.5x and recurring EBITDA/interest expense above 4.0x, in conjunction with solid liquidity in the form of cash balances and committed facilities.

Pakuwon Jati's ratings could face downward pressure if (1) the company fails to implement its business plans; (2) the company embarks on an aggressive development growth strategy; and/or (3) the property market deteriorates, leading to protracted weakness in its operations and credit quality.

Moody's would consider downgrading the company if adjusted debt/homebuilding EBITDA rises above 2.5x and recurring EBITDA/interest expense falls below 2.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding And Property Development Industry published in January 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Pakuwon Jati, Tbk. (P.T.), listed on the Indonesia Stock Exchange and controlled by the Tedja family, is engaged in the development, management and operation of retail malls, office buildings, hotels, condominium towers and residential townships in Surabaya and Jakarta.

REGULATORY DISCLOSURES

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

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Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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Jacintha Poh
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

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