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Fitch Rating Saham CTRA | 11 September 2017

Fitch Ratings has assigned PT Ciputra Development Tbk's Long-Term Issuer Default Rating (IDR) at 'BB-'. The Outlook is Stable. Ciputra Development, as a consolidated whole, is one of Indonesia's largest and most diversified property developers in terms of presales, assets and product range. While it is a non-operational holding company and therefore dependent on the cash generation of its subsidiaries, its Long-Term IDR is based on Fitch's analysis of Ciputra Development and its subsidiaries as a single economic entity because we believe the legal and operational linkages between the entities are strong.

Rating Based on Consolidated Profile: Fitch analyses Ciputra Development and its subsidiaries as a single economic entity because of their strong intra-group legal and operational linkages that stem from a commonality in shareholding and board structure among the group companies. Fitch believes these linkages give Ciputra Development strong control over its subsidiaries and therefore they operate as a single entity. Diversified Portfolio, Solid Recurring Income: Ciputra Development is one of Indonesia's most diversified property developers by product, geography and segmentation.

The group has a wide operating presence in Indonesia with multiple locations. The company has 56 residential projects and 19 commercial properties, which include malls, hotels and hospitals in more than 30 Indonesian cities. The diversified properties mean that the group generates multiple revenue streams across various segments of the property market. Its commercial property business also provides strong debt service visibility with a robust recurring coverage ratio, as measured by Fitch's forecast of revenue/net interest, of 3.8x in 2017. Large Land Bank: Ciputra Development has a land bank of around 1,400 hectares, making it one of the largest portfolios owned by developers in Indonesia. Its land bank is also relatively well-spread geographically, with a sizeable presence in Greater Jakarta and Greater Surabaya. This bodes well for the company's credit profile, as it ensures project longevity, especially during the current high land-price environment.

Strong Joint-Development Record: Apart from its wholly owned projects, the Ciputra group's strategy includes joint developments with land owners on a profit/revenue sharing scheme. This helps the group expand its operational scale, with a lower balance sheet burden. However, this strategy does not allow Ciputra Development full claim on project cash flows. Hence, we have adjusted the consolidated profile to take into account the amounts attributable to the company in proportion to its stakes in the projects. Weak Presales, Metrics Still Robust: We expect Ciputra Development to continue facing weak presales in 2017, especially with the continued delay in new project launches, after 2016 presales fell 22% yoy (14% on an attributable basis). (end)

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