Stumble Rice Case, Bond Ratings and Three Pillar Sukuk are Safe

By : Wiyanto Dan Aldo Bella Putra | Tuesday, August 22 2017 - 22:15 IWST

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INDUSTRY.co.id - Jakarta - The legal process of PT Indo Beras Unggul (IBU), a subsidiary of PT Tiga Pilar Sejahtera Food Tbk, will not disrupt the rating of bonds and sukuk against the AISA-coded issuers.

Pefindo analyst Martin Pandiangan said the current financial performance is strong. This ranking is still seen fundamentals of the company. PEFINDO will also see how much the ability to pay debt matures in 2018 later.

Known, in 2016, AISA recorded sales of Rp 6.54 trillion, with net income reached Rp 706.7 billion. Raihan is increasing from 2015, with revenues reaching Rp 6.01 trillion and net profit Rp 379 billion.

"See the last 4 weeks, the case of PT IBU, Pefindo baseball see the case, but to the impact of rating and rating bonds. Rice brands such as Ayam Jago and Maknyuss contribute 30 percent to the company," he said in Jakarta, Tuesday (8/22/2017).

So despite the legal stuck, he continued, bond ratings and sukuk remain stable outlooknya. Both I / 2013 bonds are in idA and Sukuk Ijaroh II / 2016 and Sukuk Ijaroh I / 2013 issued at idA (sy) position.

According to him, the ratings reflect stable demand for rice business, relatively diversified AISA products, and moderate cash flow protection. However, these ratings are limited by moderate corporate capital structure, exposure to raw material cost fluctuations and tight competition in the industry.

"Rankings can be increased if AISA achieves revenue growth and profitability beyond projection, and is able to improve consistent financial leverage, as measured by EBTIDA's debt ratio under 2.0x on an ongoing basis. It may drop if there is aggressive on funding including. There is a longer operating cash flow than anticipated without being accompanied by strong business performance," he explained.

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