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20240416_SMRA_Laporan Hasil Pemeringkatan_31626352_lamp2.pdf
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Rating Summary
April 16, 2024
PT Summarecon Agung Tbk
Credit Ratings PEFINDO has affirmed its idA+ ratings to PT Summarecon Agung Tbk. (SMRA) and its
General Obligation (GO) idA+/Stable outstanding bonds. Outlook for the corporate rating is stable. The rating reflects
SR Bond III Phase II – B/2019 idA+ SMRA’s strong business position in the property industry, good asset quality, and
SR Sukuk IV Phase I/2022 idA+ good recurring income. The rating is constrained by the risk of new projects in new
SR Sukuk IV Phase II/2023 idA+ areas and exposure to macroeconomic conditions.
Rating Period The rating may be raised if the Company were to sustain stronger marketing sales
April 5, 2024 – April 1, 2025 performance and higher recurring income, providing it with stronger revenue visibility,
followed with an improved financial profile. The rating may be lowered if the Company
Published Rating History records significantly lower marketing sales and a slower than expected construction
APR 2023 progress, resulting in revenue falling significantly short of targets. The rating may also
idA+/Stable
APR 2022 be under pressure if it incurs significantly higher debt than projected, resulting in a
idA+/Stable
SEP 2021 idA/Stable
more aggressive financial profile.
SEP 2020 idA/Stable SMRA is engaged in the property business and is divided into three divisions: property
SEP 2019 idA/Stable
development, investment property, and leisure and hospitality. Its main property
projects are in Kelapa Gading, Serpong, Bekasi, Bandung, Karawang, Makassar, Bogor,
and Crown Gading. As of December 31, 2023, its shareholders were PT Semarop
Agung (33.83%), Harto Djojo Nagaria (0.13%), Liliawati Rahardjo (1.5%), and others
including the public (64.53%).
Rating Definition Financial Highlights
Debt security rated idA indicates that the obligor’s As of/for the year ended Dec-2023 Dec-2022 Dec-2021 Dec-2020
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] 31,168.4 28,433.6 26,049.7 24,922.5
obligors, is strong, however, the debt security is
Total adjusted debt [IDR bn] 7,203.3 5,914.5 7,045.0 9,458.1
somewhat more susceptible to adverse effects of
changes in circumstances and economic conditions Total adjusted equity [IDR bn] 12,303.1 11,750.0 11,230.2 9,085.7
than higher-rated debt. The Plus (+) sign indicates Total sales [IDR bn] 6,658.8 5,719.4 5,567.9 5,030.0
that the rating is relatively strong within the respective EBITDA [IDR bn] 2,163.7 1,984.3 1,818.6 1,545.9
rating category. Net income after MI [IDR bn] 766.0 625.4 323.7 177.2
EBITDA margin [%] 32.5 34.7 32.7 30.7
Adjusted debt/EBITDA [X] 3.3 3.0 3.9 6.1
Adjusted debt/adjusted equity [X] 0.6 0.5 0.6 1.0
FFO/adjusted debt [%] 21.6 23.3 15.4 6.7
EBITDA/IFCCI [X] 4.3 3.8 2.5 1.7
USD exchange rate [IDR/USD] 15,416 15,731 14,269 14,105
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
tsanya.chindra@pefindo.co.id
yogie.perdana@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 April 2024
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Rating Summary
April 16, 2024
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 April 2024
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PT Pemeringkat Efek Indonesia
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