This report does not constitute a rating action. Overview Key strengths Key risks Strong market position of key subsidiaries such as Hongkong Land Holdings Ltd. and Astra International Tbk. PT. Opportunistic investment appetite that could temporarily lift leverage above historical level. Solid cash flow from operations that are diversified across Asia and by industry. Exposure to cyclical businesses such as commodities in Indonesia, resulting in potentially higher earnings volatility. Long record of low debt leverage. Substantial investment portfolio available for recycling. The decrease in leverage would be driven by sales of noncore assets and free operating cash flow. The group's ratio of debt-to-EBITDA is likely to dip to 2.0x by the end of 2025 and 1.8x in 2026, from 2.2x
