Limited scale of operations. Execution risk in Indonesia's small and concentrated real estate market. Resilient performance due to good quality projects and high recurring income. Good brand recognition. More stable earnings and cash flows than typical developers due to substantial recurring income from investment properties. Record of operating with moderate debt levels and of adherence to financial policies. High capital requirement for expansion. Adequate liquidity. The stable outlook reflects our view that PT Pakuwon Jati Tbk. (Pakuwon) will extend its record of careful growth over the next 12-24 months, at a time when acquisition opportunities may be abundant in a still subdued Indonesian property market. We expect the company to continue to have good project execution and maintain consistent cash
