Kategori: Infrastructure Transportation

After downgrading Waskita Karya (Persero) Tbk (WSKT:IJ) rating to ‘idA-‘, Pemeringkat Efek Indonesia (Pefindo) now has downgraded another state owned construction company. Rating of Adhi Karya (Persero) Tbk (ADHI:IJ) and its outstanding shelf registered bond as well as shelf registered sukuk mudharabah was downgraded to ‘idA-‘ from ‘idA’ by Pefindo. Though the outlook for Adhi.

Pemeringkat Efek Indonesia (Pefindo) has lowered rating on Waskita to A-/Stable from A/Stable driven by the expectation of higher leverage and weakening cash flow protection as a result of aggressive expansion into toll road business  which will be funded mostly by debt. However, the company still has strong position in domestic construction industry, improving margin.

We maintain our BUY recommendation on Link Net with a revised TP of IDR5,500 (from previous IDR6,250, 40% upside) given the company’s strong broadband market share of 67% and ability to capture growing broadband demand. We expect the company to generate revenue growth of 18%-19% YoY in FY16F-17F respectively, driven by subscribers growth. However, we.

Fitch Rating has downgraded Express Transindo Utama Tbk’s (TAXI:IJ) national long term rating to ‘A-(idn)’ from ‘A(idn)’ and the outlook was revised to negative from stable. The downgrade was driven by stiffer competition in Indonesian taxi industry. The industry is facing fierce competition from mobile app-based transportation services which has reduced TAXI’s ability to recruit.

Bank Indonesia’s rate cut and debt refinancing would drive some SOE’s to raise capital from bond issuance this year. Waskita Karya Tbk (WSKT:IJ idA/Stable) and Jasa Marga Tbk (JSMR:IJ idAA/Stable) seeks to release bonds worth IDR 2 trn and IDR 1,5 trn respectively. Waskita’s bond will be part of its two years bond program worth.

On this week trading, there were at least three issuers who stated to get the bond issuance out this year. Modernland Tbk (MDLN:IJ idA/Stable) seeks for the second tranche issuance this year following the first tranche release last year. The issuance will be part of IDR2 trn bond program of which IDR 750bn has been.

On the rating front, Pemeringkat Efek Indonesia (Pefindo) has awarded AAA/Stable for state owned company, Perusahaan Gas Negara Tbk (PGAS:IJ), driven by its important role for Indonesian government, strong position in domestic transmission and distribution gas business supported by widespread pipeline network in Java and Sumatera. Furthermore, the company’s strong liquidity and stable gas demand.

Total Indonesia corporate bonds issuances reached IDR62.57Trn in full year 2015, higher by 33.5% than the last year issuance. There are 37 entities with a total of 116 series bonds issued this year. The biggest bond issuer is Indonesia Eximbank which released a total of IDR8Trn bond this year and followed by PT Telekomunikasi Indonesia.

Tower Bersama Infrastructure’s Tbk (TBIG:IJ) rating was downgraded to Ba3 from Ba2 by Moody’s. Moody’s also cut the rating on its USD 300 million notes issued by TBG Global Pte Ltd, a wholly owned TBIG’s subsidiaries, to the same level. The outlook rating is stable. TBIG’s leverage which surged to 6.3x as a result of.

After postponing the bond issuance this year, PT Angkasa Pura II plans to release IDR1–2Trn bond in March or April 2016. The company will be using 2015’s financing statement for bond issuance purposes. In the next two years, Angkasa Pura II will need IDR8–10Trn capital to develop some airport infrastructure such as i) improvement of.