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Lippo Karawaci

Lippo Karawaci is one of the leading diversified property companies in Indonesia. Its business is focused on 4 pillars, namely properties, healthcare, commercial and asset management. Its properties business involves the development and sale of residential, commercial and light industrial properties. Through its healthcare business, it operates several hospitals in several areas of Indonesia, including Jakarta and Bali, under the brand name of Siloam Hospitals. Its commercial segment is further classified into retail malls and hotels. Its malls are located in Jakarta, Medan and Surabaya; it operates five-star hotels under the brand name Hotel Aryaduta. Its asset management business comprises First REIT, a healthcare real investment trust and LMIR Trust, a retail-related REIT. It owns 30%-31% stake in each. Having a presence in nearly all property formats protects it during prolonged periods of market softness in certain property types. (19 Jun 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. 

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.

Lippo: Vice Chairman Summoned for Questioning

Worth Watching: 30 Oct 2018, 2:56 AM ET - Lippo or Lippo Karawaci's (Bond ratings: B-/ B3/ B) Vice Chairman Mr. James Riady was summoned by the Indonesian anti-corruption agency, KPK as a witness in the bribery case in which a senior Lippo Group executive was arrested a couple of weeks ..

Asia Weekly: Chinese Single-B Developers Sell Off

Asia Weekly: 26 Oct 2018, 3:47 AM ET - Chinese property developers underperformed this week with the single-B developers selling off the most. 9 out of the 10 worst performers were Chinese developers including single-B names such as Evergrande, China South City, and Fantasia. 

Lippo 1H18: Strong Sales Growth Boosts Earnings

Worth Watching: 25 Oct 2018, 8:25 AM ET - Lippo 1H18 or Lippo Karawaci (Bond Ratings: B-/ B3/ B) revenues rose 13% YoY to IDR 5.6 tn in 1H18 (1H17: IDR 4.9 tn), driven by a 49% jump in sales from the Urban Development segment to IDR 1.4 tn (1H17: 900 bn), as well as additional revenues ..

Lippo: Bribery Investigation Intensifies

Worth Watching: 19 Oct 2018, 5:55 AM ET - Lippo or Lippo Karawaci (Bond ratings: B-/ B3/ B+) got mired deeper into the bribery scandal investigations. Indonesia's anti-corruption agency, KPK, conducted raids on the house of Lippo Group's Deputy Chairman James Riady as part of the graft ..

Asia Weekly: Singyes Solar Defaults

Asia Weekly: 19 Oct 2018, 3:22 AM ET - High yield corporates suffered from the default of Singyes Solar and a bribery investigation into Indonesian developer Lippo Karawaci. 

Lippo: Executive Arrested on Bribery Charges

Worth Watching: 16 Oct 2018, 3:46 AM ET - Lippo or Lippo Karawaci (Bond ratings: B-/ B3/ B+) saw its shares drop by as much as 12% and its $ bonds fall by ~2.5 points each during the day. This came on the back of news that Indonesia's anti-corruption agency, Corruption Eradication Commi ..

Lippo: Delay in Filing Financial Statements

Worth Watching: 12 Oct 2018, 8:20 AM ET - Lippo or Lippo Karawaci (Bond ratings: B-/ B3/ B+) has failed to file its 2Q18 financial reports on time. The Indonesian stock exchange authorities have taken notice of the non-compliance to reporting timelines. The company reportedly had manag ..

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.

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