Overview Key strengths Key risks Established mid-tier developer with good brand recognition in Jakarta and Surabaya. Limited scale. Good financial position with moderate leverage and high recurring income. Execution risk in Indonesia's small and concentrated real estate market. We anticipate rental income from its investment portfolio will increase by about 14% in 2023, led by a full-year recovery. This will offset weaker development revenue. The net effect is largely flat on total revenue and EBITDA in 2023. The company's ratio of recurring EBITDA to interest expense should improve to 6.5x-7.0x in 2023-2024 from about 6.2x in 2022. Indonesia lifted all its remaining COVID restrictions in December 2022. This should bolster shopper traffic and tenant sales at Pakuwon's retail malls, supporting
