20250312_MORA_Laporan Hasil Pemeringkatan_31868415_lamp2.pdf

                                                                                                              Ikhtisar Peringkat
                                                                                                                                  11 Maret 2025




 DISCLAIMER
 Peringkat yang dimuat dalam laporan atau publikasi ini adalah pendapat PT Pemeringkat Efek Indonesia (PEFINDO) yang diberikan berdasarkan hasil
 pemeringkatan pada saat tanggal dibuatnya peringkat. Peringkat merupakan opini ke depan mengenai kemampuan pihak yang diperingkat dalam memenuhi
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http://www.pefindo.com                                                                                                                                Maret 2025

                                                                                                                                            Rating Summary
                                                                                                                                                                March 11, 2025


                                             PT Mora Telematika Indonesia Tbk
Credit Rating(s)                                             PEFINDO has affirmed its idA+ rating for PT Mora Telematika Indonesia Tbk (Moratel)
General Obligation (GO)                  idA+/Stable         with a stable outlook. PEFINDO has also affirmed idA+(sy) for the Company’s Shelf
SR Sukuk Ijarah I                              idA+(sy)      Registered Sukuk Ijarah I and Shelf Registered Sukuk Ijarah II. The rating reflects
SR Sukuk Ijarah II                             idA+(sy)      Moratel’s strong market position, stable cash flow from the Palapa Ring West and East
                                                             packages, as well as a well-diversified customer and service base. However, the rating
                                                             remains constrained by intense competition in the fixed broadband industry and
                                                             regulatory risks associated with network expansion.

                                                             The rating may be raised if Moratel demonstrates a sustained improvement in its
Rating Period                                                capital structure and effectively executes its retail and enterprise expansion, as well as
March 7, 2025 – March 1, 2026                                the further development of its Rising 8 projects, leading to cash flows that materially
                                                             exceed projections. In contrast, the rating could be lowered if Moratel's revenue or
                                                             EBITDA significantly underperforms expectations or if the Company undertakes
Published Rating History
                                                             higher-than-anticipated debt-funded capital expenditures.
MAR 2024                                 idA+/Stable
MAR 2023                                 idA+/Stable         Moratel is a telecommunications infrastructure and service provider. As of September
MAR 2022                                 idA+/Stable         30, 2024, its shareholders consisted of PT Candrakarya Multikreasi (40.83%), PT Gema
MAR 2019 - MAR 2020                        idA/Stable        Lintas Benua (30.17%), PT Smart Telecom (18.32%), and public (10.68%).




Rating Definition                                           Financial Highlights
A syariah based financing instrument rated idA(sy)           As of/for the year ended                                 Sep-2024             Dec-2023              Dec-2022        Dec-2021
indicates that the issuer’s capacity to meet its long-
                                                             Consolidated Figure                                    (Unaudited)             (Audited)             (Audited)      (Audited)
term financial commitments under the syariah
                                                             Total adjusted assets [IDR bn]                              14,572.0             14,890.0                14,908.9    14,558.0
financing contract, relative to other Indonesian issuers,
                                                             Total adjusted debt [IDR bn]                                 5,892.1              6,380.5                 6,737.3     7,896.2
is strong. However, it is somewhat more susceptible
to adverse effects of changes in circumstances and           Total adjusted equity [IDR bn]                               7,120.8              6,914.7                 6,228.6     4,551.0
economic conditions than higher-rated instruments.           Total sales [IDR bn]                                         2,993.4              4,306.3                 4,647.7     4,180.1
The plus (+) sign indicates that the rating is relatively    EBITDA [IDR bn]                                              1,415.4              2,238.4                 2,199.1     2,042.6
strong within its category.                                  Net income after MI [IDR bn]                                    202.7                564.2                 579.5       578.9
                                                             EBITDA margin [%]                                                 47.3                 52.0                 47.3        48.9
                                                             Adjusted debt/EBITDA [X]                                          *3.1                   2.9                  3.1         3.9
                                                             Adjusted debt/adjusted equity [X]                                  0.8                   0.9                  1.1         1.7
                                                             FFO/adjusted debt [%]                                           *16.8                  21.5                 18.4        14.0
                                                             EBITDA/IFCCI [X]                                                   3.1                   3.3                  2.8         2.5
                                                             USD exchange rate [IDR/USD]                                   15,138               15,416                 15,731      14,269

                                                            FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
                                                            EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
 Contact Analysts:                                          IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
                                                            MI= Minority Interest                *annualized
 ayuningtyas.nur@pefindo.co.id
 fahrinaldi.akbar@pefindo.co.id                             The above ratios have been computed based on information from the Company and published accounts. Where applicable, some items have
                                                            been reclassified according to PEFINDO’s definitions.


   http://www.pefindo.com                                                                                                                                                          March 2025

                                                                                                                          Rating Summary
                                                                                                                                         March 11, 2025




DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
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http://www.pefindo.com                                                                                                                                          March 2025