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20260210_INET_Laporan Hasil Pemeringkatan_32026626_lamp3.pdf
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Press Release
KREDIT RATING INDONESIA February 6, 2026
PT Sinergi Inti Andalan Prima Tbk
Company Rating irA/Stable “Debt Securities with irA rating has a high level
of certainty to honor its financial obligations,
Rated Issues but it can be affected by adverse changes in
Obligasi I Sinergi Inti Andalan business and economic conditions, relative to
Debt Securities with a higher rating."
Prima Tbk 2026 irA
Sukuk Ijarah I Sinergi Inti Andalan (sy) means required rating according to
Prima Tbk 2026 irA(sy) Islamic/Sharia principles.
Rating Period
January 15, 2026 – November 1, 2026
Rating History
October 2025 irA/Stable
Kredit Rating Indonesia affirms “irA” rating to Obligasi I Sinergi Inti Andalan Prima Tbk
2026 and “irA(sy)” to Sukuk Ijarah I Sinergi Inti Andalan Prima Tbk 2026
Kredit Rating Indonesia (“KRI” or “we”) affirms a Company Rating of “irA” with “Stable” Outlook for
PT Sinergi Inti Andalan Prima Tbk (“INET” or “the Company”). At the same time, KRI has assigned “irA”
rating to INET’s Obligasi I Sinergi Inti Andalan Prima Tbk 2026 amounting to IDR 500 billion and “irA(sy)”
to INET’s Sukuk Ijarah I Sinergi Inti Andalan Prima Tbk 2026 amounting to IDR 500 billion which will be
used for working capital. The ratings reflect INET’s improving performance and strong financial profile.
However, the ratings are constrained by the Company’s small market share.
We are of the view that in terms of funding activities, the Company adheres to prudent financing principle,
prioritizing internal funding from operational cash flow before seeking external sources such as bank loans
and debt issuance. Therefore, the Company’s Debt to Equity Ratio was only at 0.01x in 2024 and
increased slightly to 0.03x in 7M2025 as the Company received bank loan of IDR 9 billion. INET has
acquired a new company, PT Garuda Prima Internetindo, that will develop Fiber to the Home (FTTH)
service with Wi-Fi 7 technology in Bali – Lombok area. The capital expenditure of the FTTH project is
IDR 2.8 trillion given the expected homepass of around 2,000,000 and the capital expenditure per
homepass of IDR 1,405,000. Therefore, the Company plans to issue bond around IDR 1 trillion and right
issue of around IDR 3.1 trillion that will be used to fund the FTTH project, other projects, and working
capital. After the issuance, the Company’s Adjusted Debt to Equity Ratio is projected increasing to 0.29x
by the end of this year, still considered as healthy picture.
INET is a company that provides Business to Business (B2B) services to the Company’s partners, most
of whom are Internet Service Provider companies. Since its establishment in 2016, the Company has
grown quite rapidly by having 13 POPs (points of presence) spread across 8 major cities in Indonesia and
1 POP in Singapore. INET has fully completed the development of fiber optic network of 430 kilometers
in December 2024. Therefore, INET’s revenue has significantly increased from IDR 30.4 billion in 2024
to IDR 53.1 billion in 7M2025. The Company’s decision to own its fiber optic network instead of renting
helped in achieving higher profit margin as shown by Earnings Before Interest, Taxes, Depreciation, and
Amortization (EBITDA) margin of 44.25% and Earnings Before Interest and Taxes (EBIT) margin of
26.69% in 7M2025 (versus EBITDA margin of 9.27% and EBIT margin of 3.61% in 2024). Despite the
improving performance, INET’s revenue of IDR 53.1 billion in 7M2025 and its fiber optic network of
430 kilometers are still behind to its peers. However, the Company projected revenue of IDR 1.29 trillion
in 2026 as from FTTH project which targets premium markets around 3 million subscribers and it will
contribute around IDR 912 billion in 2026.
The Company’s shareholder ownership composition as of July 31, 2025, was PT Abadi Kreasi Unggul
Nusantara (63.75%), Muhammad Arif (0.01%), and Public (36.24%).
PT Sinergi Inti Andalan Prima Tbk Page 1
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Press Release
KREDIT RATING INDONESIA February 6, 2026
INET Financial Result Highlights (Consolidated)
Jul 2025 Dec 2024 Dec 2023 Dec 2022
As of/For the years ended
(Audited) (Audited) (Audited) (Audited)
Total Adjusted Assets (IDR, billion) 338.4 229.3 223.4 72.4
Total Adjusted Debt (IDR, billion) 10.5 1.4 2.0 0.6
Total Adjusted Equity (IDR, billion) 308.6 215.3 214.0 64.7
Total Sales (IDR, billion) 53.1 30.4 28.9 20.0
Net Income (IDR, billion) 11.3 1.3 0.9 1.4
EBITDA Margin (%) 44.3 9.3 7.7 13.3
EBIT Margin (%) 26.7 3.6 4.5 9.4
EBITDA/Adjusted Debt (x) 3.8 2.0 1.1 4.6
Adjusted Debt/Adjusted Equity (x) 0.0 0.0 0.0 0.0
FFO/Adjusted Debt (%) 5.76 1.58 -14.71 6.83
EBITDA/IFCCI (x) 202.4 25.6 17.2 22.1
USD Exchange Rate (IDR/USD) 16,387 16,162 15,416 15,731
Analysts : Cut Nabila Saraziva (cut.nabila@kreditratingindonesia.com)
Rizky Fajri Nursahadi (rizky.nursahadi@kreditratingindonesia.com)
DISCLAIMER
PT Kredit Rating Indonesia (KRI) does not represent or warrant or guarantee the accuracy, completeness, timeliness or
availability of the contents of this report or publication. KRI does not perform an audit and does not undertake due diligence or
independent verification of any information used as the basis of and presented in this report or publication. Although the
information upon which KRI rating report are based, and any other contents provide in this rating report is obtained by KRI from
sources which KRI believers to be reliable.
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financial decision making on which this report or publication is based. The issuance of a solicited or unsolicited rating report does
not supply financial, legal, tax or investment consultancy. The rating report is not an opinion as to the value of securities, therefore
KRI is not responsible for any credit, loan or investment decision, damages or other losses resulting from the reliance upon or
use of this report.
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damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with
any use of the contents of this rating report or publication.
Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are
expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment
decision. Therefore, this report may not reflect any event or circumstances which occur after the date of this report.
KRI also assumes no obligation to update the content following publication in any form. KRI does not act as fiduciary or an
investment advisor. KRI keeps the activities of its analytical units separate from its business units to preserve independence and
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PT Sinergi Inti Andalan Prima Tbk Page 2
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Prima Tbk
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Obligasi I Sinergi Inti Andalan Prima Tbk
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Sukuk Ijarah I Sinergi Inti Andalan Prima Tbk
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INET’s Obligasi I Sinergi Inti Andalan Prima Tbk
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PT Garuda Prima Internetindo
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