Significant capital expenditure in greenfield infrastructure projects Volatile cash flow from cyclical property development segment Project concentration risk Established record of developing and managing a large industrial estate Large and low-cost land bank, with a flexible and scalable land sale plan Increasing recurring income from complementary infrastructure services The rating on Indonesia-based industrial real estate developer PT Kawasan Industri Jababeka Tbk. (KIJA) reflects the company's volatile cash flows, large capital expenditure for greenfield infrastructure projects, and high project concentration risk. KIJA's record of developing and managing a large industrial estate in Cikarang, its large low-cost land bank, and increasing recurring income temper these weaknesses. We assess the company's business risk profile as "weak" and its financial risk profile as "aggressive".