High project concentration. Established industrial estate developer in eastern Jakarta. Stable recurring income from infrastructure services. Moderately high leverage due to sustained capital spending. Volatile cash flows from the cyclical property development segment. Adequate liquidity. The stable outlook reflects our expectation that PT Kawasan Industri Jababeka Tbk. (KIJA) will benefit from steady property sales at good margins over the next 12 months. It also reflects our expectation of stable income from the company's power plant, infrastructure services, and dry port operations during this time. We estimate that the company's EBITDA margin will remain at 35%-37% and debt-to-EBITDA ratio will be 3.0x-3.5x in 2016-2018. We could lower the rating if KIJA deviates from its core business and strategy or makes larger-than-expected
