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20241015_DNRK_Laporan Hasil Pemeringkatan_31746476_lamp2.pdf
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Rating Summary
October 14, 2024
PT Danareksa (Persero)
Credit Rating(s) PEFINDO has affirmed its idAA ratings to PT Danareksa (Persero) and its outstanding
General Obligation (GO) idAA/Stable bond. Outlook for the corporate rating is stable. The corporate rating reflects
Bond VII idAA Danareksa’s very strong support from the Indonesian government. The rating is not
Bond VIII idAA driven by its standalone credit profile, which reflects its diversified business profile,
strong financial flexibility, while constrained by its below average cash flow protection
Rating Period and liquidity indicators.
October 10, 2024 – October 1, 2025
The rating may be raised if PEFINDO views a stronger likelihood of support from the
Published Rating History shareholder. This should also be accompanied by a greater role or contribution to the
OCT 2023 idAA/Stable
government and to the respective sectors under its purview. On the other hand,
NOV 2022 idAA/Stable
PEFINDO may lower the rating if the government support and commitment weaken
APR 2022 idAA/Stable
significantly. Such downside pressure may also arise if its financial indicators
FEB 2022 idAA/Stable
deteriorate significantly, without strong indication of support from the shareholder.
DEC 2021 idAA/Stable
Danareksa is a state-wholly owned holding cross sectoral company under the PP
113/2021. Under PP No.7 Year 2022, the Government strengthened Danareksa’s
function as the transformation specialist holding in Indonesia, with the first phase
being assigned to manage ten new subsidiaries, which is PT Nindya Karya, PT Kliring
Berjangka Indonesia, PT Kawasan Industri Medan, PT Kawasan Industri Wijayakusuma,
PT Kawasan Industri Makassar, PT Kawasan Berikat Nusantara, PT Balai Pustaka, PT
Perusahaan Pengelola Aset, PT Jakarta Industrial Estate Pulogadung and PT Surabaya
Industrial Estate Rungkut, outside its existing subsidiaries. The second phase of this
holding program is still ongoing, with several State-Owned Entities (SOEs) from
various sectors planned to be included in the Danareksa holding.
Rating Definition
A debt security rated idAA differs from the highest-
rated debt only to a small degree. The issuer’s
capacity to meet its long-term financial commitments
on the debt security, relative to those of other
Indonesian issuers, is very strong.
Contact Analysts:
adrian.noer@pefindo.co.id
danan.dito@pefindo.co.id
http://www.pefindo.com 1/4 October 2024
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Rating Summary
October 14, 2024
Financial Highlights
As of/for the year ended Jun-2024 Dec-2023 Dec-2022 Dec-2021
Consolidated figure (Unaudited) (Audited) (Audited) (Audited)
Total adjusted assets [in IDR bn] 62,443.9 60,323.5 53,371.6 48,238.5
Total adjusted debt [in IDR bn] 10,579.6 9,575.5 8,769.2 7,394.2
Total adjusted equity [IDR bn] 41,641.3 40,219.7 36,133.0 31,023.1
Total revenue [in IDR bn] 5,111.5 11,823.7 9,501.3 9,591.0
EBITDA [in IDR bn] 953.1 2,420.7 2,178.3 1,852.6
Net income after MI [%] 350.9 933.6 683.5 707.8
EBITDA margin [%] 18.6 20.5 22.9 19.3
Recurring cash inflows [in IDR bn]1 37.4 497.8 187.3 170.8
Nondiscretionary recurring cash outflows [in IDR bn]2 153.7 347.0 317.9 294.6
Recurring cash inflow/Nondiscretionary cash outflow [X] 0.2 1.4 0.6 0.6
Loan to value (LTV) [%]3 14.3 10.6 8.6 169.7
Adjusted debt/adjusted equity [X] 0.3 0.2 0.2 0.2
Adjusted debt/EBITDA [X] *5.6 4.0 4.0 4.0
USD exchange rate [USD/IDR] 16,421 15,416 15,568 14,269
1) Recurring cash inflows consist of receipt of dividends, interest income, management fee (parent only)
2) Nondiscretionary cash outflows consist of payment of operating, personnel, interest, and tax expenses (parent only)
3) The calculation of LTV ratio excludes cash and cash equivalents (parent only)
*) Annualized
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.
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 2/4 October 2024
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Ikhtisar Peringkat
14 Oktober 2024
PT Danareksa (Persero)
Credit Rating(s) PEFINDO menegaskan peringkat idAA untuk PT Danareksa (Persero) dan obligasi yang
General Obligation (GO) idAA/Stable masih beredar. Prospek atas peringkat Perusahaan adalah stabil. Peringkat tersebut
Bond VII idAA mencerminkan tingkat dukungan yang sangat kuat dari Pemerintah Indonesia.
Bond VIII idAA Peringkat tidak dipengaruhi oleh profil kredit berdiri sendiri DNRK, yang
mencerminkan profil bisnis yang terdiversifikasi dan fleksibilitas keuangan yang kuat,
Rating Period namun dibatasi oleh indikator proteksi arus kas dan likuiditas yang di bawah rata-rata.
October 10, 2024 – October 1, 2025
Peringkat dapat dinaikkan jika PEFINDO melihat kemungkinan dukungan yang lebih
kuat dari pemegang saham. Hal ini juga harus diikuti dengan perluasan peran atau
Published Rating History kontribusi yang lebih besar untuk pemerintah dan untuk masing-masing sektor yang
OCT 2023 idAA/Stable
menjadi cakupannya. Di sisi lain, PEFINDO dapat menurunkan peringkat jika terdapat
NOV 2022 idAA/Stable
pelemahan material dalam hal dukungan dan komitmen dari Pemerintah Indonesia.
APR 2022 idAA/Stable
Peringkat dapat juga diturunkan jika Danareksa mengalami pemburukan signifikan
FEB 2022 idAA/Stable
pada indikator keuangannya, tanpa indikasi kuat akan adanya dukungan dari
DEC 2021 idAA/Stable
pemegang saham.
Danareksa adalah badan usaha milik negara yang mengemban tugas sebagai induk
holding lintas sektoral berdasarkan PP 113/2021. Berdasarkan PP No.7 tahun 2022,
Pemerintah memperkuat fungsi Danareksa sebagai induk holding spesialis
transformasi dengan tahap pertama dari holding mengelola sepuluh anak
perusahaan, yaitu PT Nindya Karya, PT Kliring Berjangka Indonesia, PT Kawasan
Industri Medan, PT Kawasan Industri Wijayakusuma, PT Kawasan Industri Makassar, PT
Kawasan Berikat Nusantara, PT Balai Pustaka, PT Perusahaan Pengelola Aset, PT
Jakarta Industrial Estate Pulogadung dan PT Surabaya Industrial Estate Rungkut, diluar
dari anak perusahaan yang sudah ada sebelumnya. Tahap kedua dari program
holding ini masih berlangsung dengan beberapa Badan Usaha Milik Negara (BUMN)
dari berbagai sektor direncanakan akan masuk dalam holding Danareksa.
Rating Definition
Efek utang dengan peringkat idAA memiliki sedikit
perbedaan dengan peringkat tertinggi yang
diberikan. Kemampuan emiten untuk memenuhi
komitmen keuangan jangka panjang atas efek utang
tersebut, dibandingkan dengan emiten lainnya di
Indonesia, adalah sangat kuat.
Contact Analysts:
adrian.noer@pefindo.co.id
danan.dito@pefindo.co.id
http://www.pefindo.com 3/4 Oktober 2024
Page 5
Ikhtisar Peringkat
14 Oktober 2024
Financial Highlights
As of/for the year ended Jun-2024 Dec-2023 Dec-2022 Dec-2021
Consolidated figure (Unaudited) (Audited) (Audited) (Audited)
Total adjusted assets [in IDR bn] 62,443.9 60,323.5 53,371.6 48,238.5
Total adjusted debt [in IDR bn] 10,579.6 9,575.5 8,769.2 7,394.2
Total adjusted equity [IDR bn] 41,641.3 40,219.7 36,133.0 31,023.1
Total revenue [in IDR bn] 5,111.5 11,823.7 9,501.3 9,591.0
EBITDA [in IDR bn] 953.1 2,420.7 2,178.3 1,852.6
Net income after MI [%] 350.9 933.6 683.5 707.8
EBITDA margin [%] 18.6 20.5 22.9 19.3
Recurring cash inflows [in IDR bn]1 37.4 497.8 187.3 170.8
Nondiscretionary recurring cash outflows [in IDR bn]2 153.7 347.0 317.9 294.6
Recurring cash inflow/Nondiscretionary cash outflow [X] 0.2 1.4 0.6 0.6
Loan to value (LTV) [%] 3
14.3 10.6 8.6 169.7
Adjusted debt/adjusted equity [X] 0.3 0.2 0.2 0.2
Adjusted debt/EBITDA [X] *5.6 4.0 4.0 4.0
USD exchange rate [USD/IDR] 16,421 15,416 15,568 14,269
1) Recurring cash inflows consist of receipt of dividends, interest income, management fee (parent only)
2) Nondiscretionary cash outflows consist of payment of operating, personnel, interest, and tax expenses (parent only)
3) The calculation of LTV ratio excludes cash and cash equivalents (parent only)
*) Annualized
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.
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
kewajiban finansialnya secara penuh dan tepat waktu, berdasarkan asumsi yang dibuat saat pemberian peringkat. Peringkat bukan merupakan rekomendasi bagi
pemodal untuk mengambil keputusan investasi (baik keputusan untuk membeli, menjual, atau menahan efek utang apapun yang diterbitkan berdasarkan atau
berhubungan dengan peringkat atau keputusan investasi lainnya) dan/atau opini atas nilai kewajaran efek utang dan/atau nilai entitas yang diberikan peringkat
oleh PEFINDO. Semua data dan informasi yang diperlukan dalam proses pemeringkatan diperoleh dari pihak yang meminta pemeringkatan yang dianggap dapat
dipercaya keakuratan dan kebenarannya dan dari sumber lain yang dianggap dapat diandalkan. PEFINDO tidak melakukan audit, uji tuntas, atau verifikasi secara
independen dari setiap informasi dan data yang diterima dan digunakan sebagai dasar dalam proses pemeringkatan. PEFINDO tidak bertanggung jawab atas
kebenaran, kelengkapan, ketepatan waktu, dan keakuratan informasi dan data yang dimaksud. Keakuratan dan kebenaran informasi dan data menjadi tanggung
jawab sepenuhnya dari pihak yang memberikan informasi dan data yang dimaksud. PEFINDO dan setiap anggota Direksi, Komisaris, Pemegang Saham, serta
Karyawannya tidak bertanggung jawab kepada pihak manapun atas segala kerugian, biaya-biaya dan pengeluaran yang diderita atau timbul sebagai akibat
penggunaan isi dan/atau informasi dalam laporan atau publikasi ini, baik secara langsung maupun tidak langsung. PEFINDO menerima imbalan untuk jasa
pemeringkatan umumnya dari pihak yang meminta dilakukannya jasa pemeringkatan, dan PEFINDO sudah menginformasikan biaya pemeringkatan sebelum
penetapan peringkat. PEFINDO memiliki komitmen dalam bentuk kebijakan dan prosedur untuk menjaga obyektivitas, integritas, dan independensi dalam proses
pemeringkatan. PEFINDO juga memiliki code of conduct untuk menghindari benturan kepentingan dalam proses pemeringkatan. Peringkat bisa berubah di masa
depan karena peristiwa yang belum diantisipasi sebelumnya pada saat peringkat diberikan pertama kali. PEFINDO berhak menarik peringkat jika data dan informasi
yang diterima tidak memadai dan/atau perusahaan yang diperingkat tidak memenuhi kewajibannya kepada PEFINDO. Atas peringkat yang sudah mendapat
persetujuan publikasi dari pihak yang diperingkat, PEFINDO berhak untuk mempublikasi peringkat dan analisisnya dalam laporan atau publikasi ini serta
mempublikasikan hasil kaji ulang terhadap peringkat yang telah dipublikasikan, baik secara berkala maupun secara khusus dalam hal terdapat fakta material atau
kejadian penting yang dapat mempengaruhi hasil pemeringkatan sebelumnya. Reproduksi isi publikasi ini, secara penuh atau sebagian, harus mendapat
persetujuan tertulis dari PEFINDO. PEFINDO tidak bertanggung jawab atas publikasi yang dilakukan oleh pihak lain terkait peringkat yang diberikan oleh PEFINDO.
http://www.pefindo.com 4/4 Oktober 2024
Names mentioned 13 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Nindya Karya
p.2 ×2
unresolved
org
PT Kliring Berjangka Indonesia
p.2 ×2
unresolved
org
PT Kawasan Industri Medan
p.2 ×2
unresolved
org
PT Kawasan Industri Wijayakusuma
p.2 ×2
unresolved
org
PT Kawasan Industri Makassar
p.2 ×2
unresolved
org
PT Kawasan Berikat Nusantara
p.2 ×2
unresolved
org
PT Balai Pustaka
p.2 ×2
unresolved
org
PT Jakarta Industrial Estate Pulogadung
p.2 ×2
unresolved
org
PT Surabaya Industrial Estate Rungkut
p.2 ×2
unresolved
org
PT Pemeringkat Efek Indonesia
p.3 ×2
unresolved
org
Milik Negara
p.4
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