makinezmoney
6 년 전
$PTLKF: Holy Crap.... 30.5Milliion Traded Premarket at 0.018
That is just insane.
$561k Total Value TRADE.
What the HELL IS UP HERE ????????????????
**********************************
S&PGRBulletin: Lippo's Deconsolidation Of Meikarta Is NegativeFont size: A | A | A
12:18 AM ET 10/25/18 | Dow Jones
S&PGRBulletin: Lippo's Deconsolidation Of Meikarta Is Negative
(MORE TO FOLLOW) Dow Jones Newswires
October 25, 2018 00:18 ET (04:18 GMT)
Press Release: S&PGRBulletin: Lippo's Deconsolidation Of Meikarta Is Negative
The following is a press release from S&P Global Ratings:
SINGAPORE (S&P Global Ratings) Oct. 25, 2018--PT Lippo Karawaci Tbk.'s
decision to deconsolidate its flagship Meikarta project from its accounts
weakens the Indonesian developer's business position in the long run. This is
because Meikarta is the largest property development project in Lippo's
portfolio, S&P Global Ratings said today. However, our long-term 'B-' rating
and negative outlook are not affected by the move, because it does not alter
Lippo's liquidity at the holding company level.
In announcing its long-delayed results for the first half of 2018, Lippo said
it had deconsolidated its behemoth Meikarta in East Jakarta, after lowering
its stake to 47% in 2017. The deconsolidation will have a marginal adverse
impact on the financial leverage of Lippo, because the Meikarta project has no
debt.
We believe this will result in Meikarta leveraging up independently. That
said, obtaining funding in the near term may be a challenge until bribery
allegations related to the project are resolved. Lippo executives were
arrested on Oct. 15, 2018, on charges of bribing officials to receive permits
for the mega-project. At the same time, we expect Lippo would support Meikarta
when necessary. Given its size and reputation risk to the entire group, as we
believe this project could be too big to fail.
Our rating and outlook reflect Lippo's thin liquidity buffers at the holding
company level. The company's cash outflows for the 12 months ending June 2019
include interest expenses of about Indonesian rupiah (IDR) 1 trillion and
construction costs and rental expenses that we estimate at about (IDR) 1.1
trillion. We believe Lippo will also need to maintain cash of IDR800 billion
at the holding company, in line with its loan covenant. Hence the recent sale
of its stake in First REIT, a hospital real-estate trust listed in Singapore,
will be complete in November 2018, and will shore up liquidity at the holding
company by Singapore dollar (S$) 202 million IDR2.2 trillion).
We believe Lippo will remain exposed to refinancing risk, necessitating
further asset sales to bridge its funding gap. The company has a US$50 million
(IDR725 billion) syndicated loan due in April 2019 and another US$75 million
(IDR1.08 trillion) bond due in June 2020. This excludes domestic loans of
IDR660 billion maturing within 12 months from June 2018, which we assumed will
be rolled over.
Lippo Karawaci first-half 2018 financial statements were within expectations.
At the holding company level, cash flows and performance were in line with our
expectations.
This report does not constitute a rating action.
Primary Credit Analyst: Kah Ling Chan, Singapore (65) 6239-6336;
kahling.chan@spglobal.com
Secondary Contact: Fiona Chen, Singapore + 65 6216 1085;
fiona.chen@spglobal.com
No content (including ratings, credit-related analyses and data, valuations,
model, software, or other application or output therefrom) or any part thereof
(Content) may be modified, reverse engineered, reproduced, or distributed in
any form by any means, or stored in a database or retrieval system, without
the prior written permission of Standard & Poor's Financial Services LLC or
its affiliates (collectively, S&P). The Content shall not be used for any
unlawful or unauthorized purposes. S&P and any third-party providers, as well
as their directors, officers, shareholders, employees, or agents (collectively
S&P Parties) do not guarantee the accuracy, completeness, timeliness, or
availability of the Content. S&P Parties are not responsible for any errors
or omissions (negligent or otherwise), regardless of the cause, for the
results obtained from the use of the Content, or for the security or
maintenance of any data input by the user. The Content is provided on an "as
is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES,
INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR
DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE
CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event
shall S&P Parties be liable to any party for any direct, indirect, incidental,
exemplary, compensatory, punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including, without limitation, lost income or
lost profits and opportunity costs or losses caused by negligence) in
connection with any use of the Content even if advised of the possibility of
such damages.
Credit-related and other analyses, including ratings, and statements in the
Content are statements of opinion as of the date they are expressed and not
statements of fact. S&P's opinions, analyses, and rating acknowledgment
decisions (described below) are not recommendations to purchase, hold, or sell
any securities or to make any investment decisions, and do not address the
suitability of any security. S&P assumes no obligation to update the Content
following publication in any form or format. The Content should not be relied
on and is not a substitute for the skill, judgment, and experience of the
user, its management, employees, advisors, and/or clients when making
investment and other business decisions. S&P does not act as a fiduciary or
an investment advisor except where registered as such. While S&P has obtained
information from sources it believes to be reliable, S&P does not perform an
audit and undertakes no duty of due diligence or independent verification of
any information it receives.
To the extent that regulatory authorities allow a rating agency to acknowledge
in one jurisdiction a rating issued in another jurisdiction for certain
regulatory purposes, S&P reserves the right to assign, withdraw, or suspend
such acknowledgement at any time and in its sole discretion. S&P Parties
disclaim any duty whatsoever arising out of the assignment, withdrawal, or
suspension of an acknowledgment as well as any liability for any damage
alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in
order to preserve the independence and objectivity of their respective
activities. As a result, certain business units of S&P may have information
that is not available to other S&P business units. S&P has established
policies and procedures to maintain the confidentiality of certain nonpublic
information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally
from issuers or underwriters of securities or from obligors. S&P reserves the
right to disseminate its opinions and analyses. S&P's public ratings and
analyses are made available on its Web sites, www.standardandpoors.com (free
of charge), and www.capitaliq.com (subscription),
and may be distributed through other means, including via S&P
publications and third-party redistributors. Additional information about our
ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and
may ONLY be used by the individual to whom they have been assigned.
No sharing of passwords/user IDs and no simultaneous access via the same
password/user ID is permitted. To reprint, translate, or use the data or
information other than as provided herein, contact Client Services,
55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to:
research_request@spglobal.com.
Copyright (c) 2018 by Standard & Poor's Financial Services LLC.
All rights reserved.
> Dow Jones Newswires
October 25, 2018 00:18 ET (04:18 GMT)
Hot Features
프리미엄
실시간 차트, 분석 도구 및 가격을 받으려면 등록하세요.
snax
6 년 전
