Investor Presentaiton
Corporate Rating
Press Release
May 9, 2022
VSMI
PT SARANA MULTI INFRASTRUKTUR (PERSERO)
Total equity [IDR Billion]
PT Sarana Multi Infrastruktur (Persero)
Analysts: Adrian Noar/ Danan Dito
Phone/Fax/E-mail: (62-21) 5096 8469/5096 8468/[email protected]/[email protected]
MWStable
..
FINANCIAL HIGHLIGHTS
As of/for the year ended
Total assets (IDR Billon]
Gross receivables [IDR Billon]
Total eaming assets [IDR: Bion]]
76.268.4
Dec-2021
(Audited)
114,502.1
Dec-2020
(Audited)
100,740.2
Dec-2019
Dec-2018
(Audited) (Audited)
75,818.6 62,493.2
66,749.8
58,429.0
46,455.7
102,415.0
88,060.2
74,689.0
61,225.4
38,900.3
37,523.4 36,854.2
35,575.9
M
коли
Net interest revenue [IDR Billion]
2.143.8
2,777.4
2.918.8
2,410.2
Net income: [IDR Bilion]
1,830.1
1,906.7
1,703.6
1,531.1
Cost to lincome [%]
20.91
14.9
15.3
16.1
Operating profit margin [%]
44.3
44.1
43.0
50.6
ROAA (including off-balance) [%]
1.7
2.2
2.5
2.6
NPR-Balance/ gross receivables [%]
1.2
0.6
1.2
1.5
Reserves/gross receivables [%]
2.0
2.7
1.8
Equity/gross receivables [%]
51.0
56.2
63.1
76.6
Total debt/ equity [x]]
MMA/Stable
MN/Stable
Exchange Rate [IDR/USD]
1.9
14,269
1.7
14.105
10
0.7
13.901
14,481
MW/Stable
MA/Rable
MA/Stable
RC44-retum on average assets (including off balance sheet); non-performing receivables (overdue
The above rats have been computed based on information from the company and published accounts, where applicable,
some dans have been reclassified according to PERINDO's definitions
30 (1895).
PT Sarana Multi Infrastruktur (Persero) rated "AAA", outlook stable
PEFINDO has affirmed its "AAA" ratings for PT Sarana Multi Infrastruktur (Persero) (SMI) and its outstanding bonds, as well as its
"AAA" rating for SMI's outstanding sukuk. The outlook for the corporate rating is "stable".
An obligor rated AAA. has the highest rating assigned by PEFINDO. Its capacity to meet its long-term financial commitments, relative to
those of other Indonesian obligors, is superior.
A syariah based financing instrument rated AAA) has the highest rating assigned by PEFINDO. The issuer's capacity to meet its long-
term financial commitments under the syariah financing contract, relative to other Indonesian issuers, is superior. The suffix (sy) means
the rating indicates Islamic principles compliant.
The rating for the green bonds only reflects SMI's capacity to meet its long-term financial commitments on the debt security, and does
not reflect the green certification of the debt security. If the green certification is downgraded, which may trigger the acceleration of the
principal payment and/or a step up on the coupon rate of the debt security, PEFINDO will conduct a special review of the rating assigned
to SMI and its outstanding debt security.
The corporate rating reflects SMI's status as a critical government-related entity, the high potential demand for infrastructure financing,
a very strong capitalization profile, and strong liquidity and financial flexibility indicators. The rating is constrained by its concentrated
financing profile and limited number of viable infrastructure projects.
The rating may be lowered if there is a material weakening in support from the government, which may result from a significant
deterioration in SMI's business and asset quality profiles.
SMI is a state-owned entity established to serve as a catalyst in the acceleration of infrastructure development in Indonesia by providing
an alternative source of funds for project financing and promoting public-private partnerships (PPP). It is wholly owned by the
government.
Fitch Ratings
RATING ACTION COMMENTARY
Fitch Affirms Sarana Multi
Infrastruktur at 'BBB'/'AAA(idn)';
Outlook Stable
Tue 05 Apr, 2022 9:53 AM ET
Fitch Ratings Jakarta/Sydney-05 Apr 2022: Fitch Ratings has affirmed PT Sarana Multi Infrastruktur
(Persero)'s (SMI) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRS) at 'BBB' and
Short-Term Foreign-Currency IDR at 'F2: Fitch Ratings Indonesia has also affirmed the National Long-
Term Rating at 'AAA(idn): The Outlook is Stable. The long-term senior unsecured rating has been.
affirmed at 'BBB
The key mission of SMI, an Indonesian state-owned enterprise, is to support the country's infrastructure
development by extending financing to infrastructure projects and providing financial, investment and
training advisory services for public-private partnership (PPP) projects..
'AAA(idn)' National Ratings denote the highest rating assigned by the agency in our National Rating scale
for Indonesia. This rating is assigned to issuers or obligations with the lowest expectation of default risk
relative to all other issuers or obligations in the same country.
Local
(Pefindo/Fitch)
International
(Fitch)
PEFINDO
PEDIT MING AGENCY
CREDIT PROFILE
Corporate Rating
2012
AA (idn)
2013
AA+ (idn)
BBB-
Rated Issues
Shelf Registered Bonds 1/2016
Shelf Registered Green Bonds I/2018
Shell Registered Sukuk 1/2018
Shelf Registered Bonds II/2019
Rating Period
April 28, 2022-April 1, 2023
Rating History
APR 2022
APR 2021
APR 2020
APR 2019
APR 2018
2014
idAA+
BBB-
2015
idAA+
BBB-
2016
idAAA
BBB-
2017
idAAA
BBB
2018
idAAA
BBB
2019
idAAA
BBB
2020
idAAA
BBB
2021
idAAA
BBB
2022
idAAA
BBB
PT SMI received idAAA (outlook stable)
rating from Pefindo on 4th April 2022.
Pefindo has also assessed SMI's status as a
critical government-related entity with
strong liquidity and financial flexibility
indicators.
PT SMI received BBB international rating and
AAA(idn) (outlook stable) from Fitch Ratings
on 5th April 2022, consistent with the previous
period. Fitch classifies SMI as a government-
related entity (GRE) that is credit linked to the
Indonesia sovereign.
PT Sarana Multi Infrastruktur (Persero) | 13View entire presentation