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Astra Sedaya Finance rated “idAAA” with stable outlook

IM Press Release
By IM Press Release
1 week ago
Astra Sedaya Finance rated “idAAA” with stable outlook

Sukuk, Receivables

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  1. Press Release October 9 , 2019 PT Astra Sedaya Finance Analysts: Imelda Rusli / Kreshna Armand Tel/Fax/Email: (62-21) 72782380 / 72782370 / imelda.rusli@pefindo.co.id / kreshna.armand@pefindo.co.id CREDIT PROFILE FINANCIAL HIGHLIGHTS As of/for the year ended Corporate Rating idAAA/Stable Rated Issues Shelf Registered Bond IV/2018 Shelf Registered Sukuk Mudharabah I/2018 idAAA idAAA(sy) Rating Period September 26, 2019 – September 1, 2020 Rating History MAR 2018 MAR 2017 MAR 2016 MAR 2015 OCT 2014 MAR 2014 MAR 2013 DEC 2012 idAAA/Stable idAAA/Stable idAAA/Stable idAAA/Stable idAAA/Stable idAA+/Stable idAA+/Stable idAA+/Stable Total assets [IDR bn] Net receivables [IDR bn] Net service assets [IDR bn] Total equity [IDR bn] Net interest revenue [IDR bn] Net income [IDR bn] Cost to income [%] Operating profit margin [%] ROAA [%] NPR-balance/NSA [%] Reserves/NSA [%] Equity/NSA [%] Total debt/equity [x] Short-term liquidity ratio [%] USD exchange rate [USD/IDR] Jun-2019 Dec-2018 Dec-2017 (Unaudited) (Audited) (Audited) Dec-2016 (Audited) 32,557.0 30,910.0 40,464.9 6,770.0 1,574.0 618.0 28.5 29.6 *3.1 2.1 3.2 16.7 3.5 123.6 14,141 31,105.0 29,318.0 39,285.0 6,959.0 3,037.0 1,113.0 27.1 27.9 2.8 2.2 3.2 17.7 3.3 123.0 14,481 29,614.0 27,631.0 39,157.1 5,752.0 2,928.0 957.0 25.4 22.7 2.4 2.1 3.0 14.7 4.0 114.5 13,548 31,478.0 29,976.0 40,257.3 5,782.0 2,646.0 934.0 26.6 23.1 2.4 2.4 2.8 14.4 4.2 113.4 13,436 *Annualized ROAA=return on average assets - calculated using profit after tax or net profit; NPR-balance=non-performing receivables (overdue> 30 days); 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. Astra Sedaya Finance rated “idAAA” with stable outlook PEFINDO has assigned its “idAAA” rating to PT Astra Sedaya Finance (ASF). At the same time PEFINDO has also assigned “idAAA” rating to the Company’s Shelf-Registration Bonds IV/2018 for a maximum amount of IDR8.0 trillion and “idAAA(sy)” rating to its ShelfRegistration Sukuk Mudharabah I/2018 for a maximum amount of IDR2.0 trillion. The outlook for the corporate rating is “stable”. An obligor rated idAAA has the highest rating assigned by PEFINDO. The obligors’ capacity to meet its long-term financial commitment, relative to that of other Indonesian obligors, is superior. A debt security rated idAAA has the highest rating assigned by PEFINDO. The obligor’s capacity to meet its long-term financial commitments on the debt security, relative to other Indonesian obligors, is superior. A syariah based financing instrument rated idAAA(sy) has the highest rating assigned by PEFINDO. The issuer’s capacity to meet its longterm financial commitments under the syariah financing contract, relative to other Indonesian issuers, is superior. The rating reflects ASF’s strategic importance to its shareholder, PT Astra International Tbk (ASII or Astra Group, rated BBB+/stable by S&P), very strong position in the car financing market, and sound asset quality. These strengths are partly offset by tight competition in the industry. The rating may be lowered if PEFINDO’s view of Astra Group’s level of support to ASF deteriorates significantly, or if there is a substantial decline in its business or financial profiles. ASF provides financing for car sales and heavy equipment leasing distributed by Astra Group and other third parties. It has 75 branches and offices and around 14,000 authorized car dealers in major cities throughout Indonesia. As of June 30, 2019, its ownership structure consisted of ASII (46.875%), and ASII’s subsidiaries PT Garda Era Sedaya (28.125%), and PT Sedaya Multi Investama (25.00%). DISCLAIMER PT Pemeringkat Efek Indonesia (PEFINDO) does not guarantee the accuracy, completeness, timeliness or availability of the contents of this report or publication. PEFINDO cannot be held liable for its use, its partial use, or its lack of use, in combination with other products or used solely, nor can it be held responsible for the result of its use or lack of its use in any investment or other kind of financial decision making on which this report or publication is based. In no event shall PEFINDO be held liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses including but not limited to lost profits and opportunity costs in connection with any use of the contents of this report or publication. Credit analyses, including ratings, and statements in this report or publication are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold or sell any securities or to make any investment decision. The contents cannot be a substitute for the skill, judgment and experience of its users, its management employees and/or clients in making investment or other business decisions. PEFINDO also assumes no obligation to update the content following publication in any form. PEFINDO does not act as fiduciary or an investment advisor. While PEFINDO has obtained information from sources it believes to be reliable, PEFINDO does not perform an audit and does not undertake due diligence or independent verification of any information used as the basis of and presented in this report or publication. PEFINDO keeps the activities of its analytical units separate from its business units to preserve independence and objectivity of its analytical processes and products. As a result, certain units of PEFINDO may have information that is not available to other units. PEFINDO has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. PEFINDO may receive compensation for its ratings and other analytical work, normally from issuers of securities. PEFINDO reserves the right to disseminate its opinions and analyses. PEFINDO’s public ratings and analyses are made available on its website, http://www.pefindo.com (free of charge) and through other subscription-based services, and may be distributed through other means, including via PEFINDO publications and third party redistributors. Information in PEFINDO’s website and its use fall under the restrictions and disclaimer stated above. Reproduction of the content of this report, in full or in part, is subject to written approval from PEFINDO. http://www.pefindo.com 1/2 October 2019