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20250311_DSNG_Laporan Hasil Pemeringkatan_31868098_lamp3.pdf
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Rating Summary
March 11, 2025
PT Dharma Satya Nusantara Tbk
Credit Rating(s) PEFINDO has raised the rating of PT Dharma Satya Nusantara Tbk (DSNG) and its
General Obligation (GO) idA+/Stable Shelf-Registered Bond I Year 2020 rating to idA+ from idA. Outlook for the corporate
SR Bond I 2020 idA+ rating is stable. The rating action reflects our view on the Company’s strengthening
business position, mainly attributable to higher yield from the replanting program, the
Rating Period plantation profile that is a majority in prime age, and the stable price of crude palm oil
March 7, 2025 – March 1, 2026 (CPO). We also expect DSNG to be more conservative on its capital expenditure
strategy on a sustained basis, resulting in an improved financial profile. The corporate
Published Rating History rating reflects DSNG’s favorable plantation profile, strong financial profile, and stable
Mar 2024 idA/Stable demand for palm oil. The rating is constrained by the Company’s less integrated
Mar 2023 idA/Stable business profile as well as exposure to fluctuating commodity prices and severe
Mar 2022 idA/Stable weather.
Mar 2021 idA-/Stable
Mar 2020 idA-/Stable
The rating may be raised if DSNG is able to increase its plantation area significantly
while maintaining its favorable plantation profile, resulting in higher revenue and
EBITDA, combined with a more integrated palm oil business model. The rating may
be lowered if its revenue and EBITDA fall significantly short of projection, resulting
from higher costs and lower output than expected. The rating may also be lowered if
DSNG incurs significantly higher debt without being compensated by improved
business performance.
DSNG is a palm oil plantation company engaged in the upstream industry, including
plantations and production of CPO and palm kernel oil (PKO). Its operations are
mainly in the eastern parts of Kalimantan. At the end of 2024, it owned a total
plantation area of 112,673 hectares (ha). As of December 31, 2024, DSNG’s
shareholders consisted of PT Triputra Investindo Arya (27.6%), PT Krishna Kapital
Investama (14.6%), PT Tri Nur Cakrawala (7.4%), PT Mitra Aneka Guna (6.3%), Arianto
Oetomo (5.4%), Andrianto Oetomo (5.4%), and others, including the public (33.1%).
Rating Definition Financial Highlights
Debt security rated idA indicates that the issuer’s As of/for the year ended Dec-2024 Dec-2023 Dec-2022 Dec-2021
capacity to meet its long-term financial commitments
(Audited) (Audited) (Audited) (Audited)
on the debt security, relative to other Indonesian
Total adjusted assets [IDR bn] 17,064.0 15,869.5 15,083.1 13,483.8
issuers, is strong. However, the issuer’s capacity is
Total adjusted debt [IDR bn] 5,596.2 5,486.0 5,398.3 5,306.4
somewhat more susceptible to adverse effects of
changes in circumstances and economic conditions Total adjusted equity [IDR bn] 9,685.7 8,671.5 7,934.3 6,799.6
than higher-rated issuers. The plus (+) sign indicates Total sales [IDR bn] 10,119.2 9,498.7 9,633.7 7,124.5
that the rating is relatively strong within its category. EBITDA [IDR bn] 2,934.0 2,379.4 2,970.2 1,905.1
Net income after MI [IDR bn] 1,142.5 839.8 1,206.8 727.2
EBITDA margin [%] 29.0 25.0 30.8 26.7
Adjusted debt/EBITDA [X] 1.9 2.3 1.8 2.8
Adjusted debt/adjusted equity [X] 0.6 0.6 0.7 0.8
FFO/adjusted debt [%] 33.4 30.0 39.4 23.0
EBITDA/IFCCI [X] 5.3 5.2 6.5 4.0
USD exchange rate [IDR/USD] 16,162 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
fahrinaldi.akbar@pefindo.co.id
kresna.wiryawan@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
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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
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com March 2025
Names mentioned 9 people and organisations named in the text · linked when the evidence is strong
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PT Krishna Kapital Investama
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PT Pemeringkat Efek Indonesia
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