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Modernland Realty

Modernland is an Indonesian property developer of residential homes, townships, commercial spaces, industrial estates and hotels. It develops landed houses, residential plots, commercial land/spaces and standalone residential developments and industrial land. Modernland also owns a 4-star Novotel Gajah Mada hotel in North Jakarta and operates the Padang Golf Course in Jakarta Garden City (JGC) township. Its large, low-cost land bank is strategically located in the Greater Jakarta area and in the vicinity of major toll roads. Its industrial land at Cikande, Banten is located in close proximity to Jakarta (65 km), Tanjung Priok Port (75 km) and the international airport (50 km). Sale of industrial land and low-rise residential townships, contribute to the bulk of the company's revenues. Modernland is progressively taking the form of an industrial land developer, with sale of industrial land accounting for nearly two-thirds of total revenues. (11 Jan 2018)

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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.

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")?

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.

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 Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

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.

Asia Weekly: White Knight For Wintime Energy

Asia Weekly: 24 Aug 2018, 2:07 AM ET - Asian $-bond spreads have continued to trade sideways since the start of August, after the market rout in June and July. State-owned Beijing Energy Holdings will seek a major shareholding in Wintime's controlling holder Yongtai Group.
Focused

Modernland: New $ Bond Issue

HY Note: 21 Aug 2018, 12:09 AM ET - Modernland Realty is marketing a new $150 mn, 3NC1 Reg S bond. Our fair value thoughts are in the note.
Focused

Modernland: S&P Changes Outlook to Negative

Worth Watching: 14 Aug 2018, 5:47 AM ET - Modernland (or Modernland Realty; Bond Ratings: B/ B2/ B) saw its rating outlook changed to Negative from Stable by S&P rating agency. S&P affirmed its rating at B. The outlook revision reflected the rising short-term debt and refinancing risks ..
Focused

Modernland 1H18: Cracks on the Ground; Downgrade

Worth Watching: 13 Aug 2018, 1:36 AM ET - Modernland 1H18 (or Modernland Realty; Bond Ratings: B/ B2/ B) revenues remained largely flat at IDR 1.4 tn in 1H18, led by a 25% increase in land sales to IDR 779 bn (1H17: IDR 624 bn), though offset by a 26% drop in sales of residential house ..
Focused

HK/SG Conference 2018: Indo vs. Chinese Developers

Transcript: 31 Jul 2018, 10:58 PM ET - Indonesian versus Chinese Developers: Where is the value?

HK/SG Conference 2018: Asia Strategy

Transcript: 30 Jul 2018, 3:57 AM ET - Falling knives and new opportunities. 

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