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Kawasan Industri

Indonesia-based Jababeka is engaged in the development of industrial land, supported by associated infrastructure and estate management services. It is also involved in residential and commercial property development, typically ancillary to the industrial estate. It operates an integrated beach resort complex at Tanjung Lesung, a golf course and a container dry port. It owns and operates a 130 MW gas-fired power plant at Bekasi, with a 100% sales agreement with the state power company Perusuhaan Listrik Negara (PLN). The company's industrial bases are strategically located close to major highways, railway lines or coastlines, providing easy access for the tenants of the estate to transport raw materials or finished products. Supported by a sizable, low-cost land bank, Jababeka enjoys high EBITDA margins of nearly 30%, despite a low-margin power plant business. In spite of its industrial property focus, Jababeka is increasingly diversifying into residential and commercial development, but largely within the industrial complex. (12 Jan 2018)

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Asian High Yield Outlook: 8 Themes for 2019

Strategy Analysis: 11 Dec 2018, 9:12 PM ET - 1) Easing $ supply risk. 2) China onshore funding. 3) Fundamental credit headwinds. 4) Rising funding costs.  5) Equity volatility and share-backed financing.  6) Elections in India and Indonesia.  7) LGFV refinancing. 8) China slowdown. 
Focused

Indonesia Property: 2019 Outlook

Sector Outlook: 04 Dec 2018, 5:19 AM ET - We take a look at the key drivers that would shape the course of Indonesian property heading into 2019. We provide the credit outlook for Indonesian property for 2019 and the recommendations for the individual companies.

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

Foshan Trip Notes October 2018: Spillover Demand

Site Visits: 25 Nov 2018, 11:57 PM ET - Compared to the other Tier-1 cities we visited, the housing and credit policies in Foshan were far more relaxed.  It is no wonder that some non-natives in Guangzhou have chosen to buy homes in Foshan instead. 

Shenzhen Trip Notes October 2018: Too Expensive!

Site Visits: 21 Nov 2018, 5:01 AM ET - Shenzhen homes are extremely expensive.  The LTM Cost/Income multiple as of September 2018 was 43.2x (National average: 9.9x), indicating that new homes in Shenzhen are significantly less affordable than most places in China.

Asia Weekly: Widest Spreads in 2.5 Years

Asia Weekly: 16 Nov 2018, 12:17 AM ET - Asian $-bond spreads continued to widen after a brief respite last week, reaching their widest levels in more than 2 and a half years. The Asian IG index widened by 5 bp, while the HY index sold off by 31 bp.

China Property Sector: PBOC’s Take On Sector

Sector Analysis: 09 Nov 2018, 3:12 AM ET - Is the China property sector risky in the eyes of the People's Bank of China ("PBOC")?

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

China Property Navigator 3Q18: Macros in Pictures

China Property Navigator: 12 Oct 2018, 4:04 AM ET - This report marks the end of our China Property Navigator 3Q18 series. Developers appear to be shifting their land bank expansion focus to out of China's top 40 cities.

Asia Weekly: China Sovereign Defies Weak Market

Asia Weekly: 12 Oct 2018, 2:33 AM ET - Asian $-bond markets showed some continued weakness this week as spreads widened for a second week.  The BAML Asia ex-Japan $ investment grade (IG) index widened by 4 bp, while the high yield (HY) index widened by 22 bp. 

China Property Navigator 3Q18: Bond Supply

China Property Navigator: 11 Oct 2018, 3:23 AM ET - This report is part 4 of our 5-part 3Q18 China Property Navigator. The domestic public corporate bond market seems to be re-opening quietly. Supply risk from the China property sector is also expected to moderate in 4Q18.

China Property Navigator 3Q18: Relative Ranking

China Property Navigator: 10 Oct 2018, 12:38 AM ET - This is the 3rd part of our 5-part 3Q18 China Property Navigator. We ranked the 13 Chinese developers under our full coverage and upgraded our recommendations on a number of bond issues.

China Property Navigator 3Q18: 1H18 Results Wrap

China Property Navigator: 09 Oct 2018, 3:54 AM ET - We summarize the LTM to 1H18 results of the Chinese developers under our coverage in this report and highlight broad trends in 1H18. This report is the 2nd part of a 5-part series.

China Property Navigator 3Q18: Housing Policies

China Property Navigator: 08 Oct 2018, 1:55 AM ET - Local governments continued fine-tuning existing housing policies for their respective cities in 3Q18. Tighter resale restrictions and HPRs were rolled out even at the county-level.

Asia Weekly: Stabilizing IDR Drives Returns

Asia Weekly: 20 Sep 2018, 11:49 PM ET - The Indonesian Rupiah (IDR) continued to stay in the IDR 14,800 - 14,900/$ range after recovering from IDR 14,938/$ at the start of September. In both IG and HY, Indonesian bonds performed the best, recording strong positive total returns. 
Focused

Asia Weekly: Rain After a Long Drought of Issuance

Asia Weekly: 06 Sep 2018, 11:49 PM ET - Asian $-bond markets were weighed down slightly this week by a strong return of investment grade $-bond supply and depreciating Asian EM currencies such as the Indonesian Rupiah. 

Indon & India Corporates: Currency Risk

Worth Watching: 06 Sep 2018, 6:30 AM ET - Indon & India Corporates : Both INR and IDR are in another renewed bout of weakness against the $. $/INR recently breached 70 for the first time ever and is currently trading at 71.9. The $/IDR is just shy of the 15,000 mark, presently trading ..

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.

August 2018 Asian Company Recommendation Changes

Asian Company Recommendation Changes: 02 Sep 2018, 9:48 PM ET - Our monthly report provides executive summaries for the eight company recommendation changes made on Asian companies during the month of August.

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