Overview Key strengths Key risks Established mid-tier developer with good brand recognition in Jakarta and Surabaya. Limited scale and geographic concentration in two key cities. Robust recurring income shields the company from the more volatile development business and industry cycles. Ample liquidity to fund its capex and investments. Execution risk in Indonesia's small and concentrated real estate market. We believe the property company's operating cash flow can adequately cover its expansionary capital expenditure (capex), leading to limited new debt over the next two years. This is despite a likely 56% rise in capex to Indonesian rupiah (IDR) 2.2 trillion in 2024. Most of the capex will be to support construction of greenfield projects in new cities, as well as opportunistic
