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Sri Rejeki Isman

Sri Rejeki Isman ("Sritex") is a vertically integrated Indonesian textile manufacturer engaged in spinning, weaving, finishing and garment production to produce yarn, greige (raw fabric), finished fabric and apparel. Currently, Sritex's largest customers are the Indonesian military, police, German military and the H&M retail brand, but it has a large, diversified customer base, long-standing relationships with reputable customers and geographically diversified sales. Majority of its sales are domestic (46%), while Asia (41%), the U.S. (7%) and Europe (3%) contribute the rest. Sritex is more integrated than its main competitors in Indonesia: PBRX Pan Brothers and Kahartex. Sritex claims it commands ~15%-20% of market share in the Indonesian textile industry. The regulatory landscape looks quite weak for Indonesian textile producers - the Indonesian government is not very supportive of the industry apart from some power subsidies. (10 Aug 2018)

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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 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 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

Sritex 1H18: Growth Weaved with Acquisitions

Worth Watching: 14 Aug 2018, 2:43 AM ET - Sritex 1H18 (or Sri Rejeki Isman; Bond Ratings: NR/ Ba3/ BB-) revenues rose considerably by 36% YoY to $544 mn in 1H18 (1H17: $401 mn), led by a 67% YoY increase in yarn or spinning segment sales to $261 mn (1H17: $156 mn). The surge in yarn re ..

Asia Corporate Recommendations: August 2018

Asia Corporate Recommendations: 01 Aug 2018, 5:28 AM ET - This month's new initiations: Agile 2021, KWG 2021 and Sunac 8.625% 2020 with M/P. Upgrades include Agile bond complex and Jinmao 2018 to M/P. Downgrades include CNOOC bond complex and Baidu 2019 to M/P, Sunac 2021 and Vedanta 2024 to U/P.

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

Asia High Yield Snapshot: 2017 Full Year Edition

Asia High Yield Snapshot: 30 May 2018, 11:05 PM ET - Credit quality remains broadly healthy, although we see mixed trends ahead. We maintain our defensive stance towards Asian high yield. 

Indonesia Trip 2018: IDR/$ Hedges

HY Note: 21 May 2018, 3:29 AM ET - Following our meetings in Jakarta last week, we provide an update on the IDR/$ FX derivative hedges put in place by Indonesian companies. 
Focused

Indonesian High Yield: Currency Risk

HY Note: 16 May 2018, 12:51 AM ET - $/IDR has breached 14,000 for the first time since 2015. We summarise the foreign currency revenues and costs of Indonesian high yield issuers, as well as their foreign exchange hedging strategies and sensitivity to $/IDR movements. 

Asian Corporates: Post-Results Report Cards

Earnings Note: 04 May 2018, 3:55 AM ET - We take stock of FY17 and 1Q18 results season and update our outlooks for 35 companies in FY18. 

Asia Corporate Recommendations: May 2018

Asia Corporate Recommendations: 02 May 2018, 5:42 AM ET - Last month's changes include Baidu 2019 and 2020 (Outperform), Jimao 2022 (Market perform), rest of Jinmao $ complex (Underperform), Yanlord 2022 (Outperform) and Lippo 2026 (Underperform). 
Focused

Sritex: Moody's Raises Rating to Ba3

Worth Watching: 17 Apr 2018, 4:44 AM ET - Sritex  or Sri Rejeki Isman (Bond ratings: NR/ Ba3/ BB-) saw its Moody's rating upgraded by a notch to Ba3 from B1. As per Moody's, the rating upgrade reflects Sritex's track record of high organic growth rates, margin expansion and expected ro ..

Indonesia Trip 2018: Week of 14 May 2018

Announcement: 16 Apr 2018, 1:53 AM ET - CreditSights is organizing a trip to Indonesia in the week of 14 May 2018. The trip will involve meetings with corporate issuers and/or site visits in and around Jakarta for ~3 days.

Asia Corporate Recommendations: April 2018

Asia Corporate Recommendations: 03 Apr 2018, 5:49 AM ET - We initiate on the new Baidu 2023 and 2028 with Underperform recommendations, on the new Lenovo 2023 with a Market perform recommendation and on Agile 6.875% perpetual with an Outperform recommendation. 
Focused

Sritex FY17: Earnings Grew, Working Capital Drain

Worth Watching: 21 Mar 2018, 10:49 PM ET - Sritex FY17 (Bond ratings: NR; B1; BB-) revenues recorded a 12% year-on-year (YoY) increase to $759 mn, led by a 12%, 10% and 14% growth in yarn, fabric and garment sales respectively. Sritex channeled weaved products internally to the fabric an ..

Asia Corporate Recommendations: March 2018

Asia Corporate Recommendations: 01 Mar 2018, 5:39 AM ET - We raised our recommendations on Jababeka 2023 and Yingde 2020 to Outperform and raised Baidu's short-dated bonds to Market perform. We also assigned an Outperform recommendation to Agile's new perp. 

Asia Corporate Recommendations: January 2018

Asia Corporate Recommendations: 01 Feb 2018, 3:37 AM ET - We raised our recommendations on Hongqiao 2018 and Beijing Capital Land 8.375% perp to Market perform, and lowered our recommendation on Indika 2023 to Market perform. We also lowered our recommendation on MIE 2018 to Market perform. 

Asia Corporate Recommendations: December 2017

Asia Corporate Recommendations: 02 Jan 2018, 2:45 AM ET - We raised our recommendations on Evergrande 7% 2020 and 6.25% 2021 to Market perform. We downgraded our recommendation on Road King 7% perpetuals to Underperform. We revise our recommendation on Indika 2023 to Market perform.

Asia Corporate Recommendations: November 2017

Asia Corporate Recommendations: 04 Dec 2017, 2:13 AM ET - We raised our recommendation on Alam Sutera 2022 to Outperform and assigned Outperform recommendations to the new Alibaba 2027, 2037, 2047 and 2057. We also assign an Outperform recommendation to the new Anton 2020. 

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