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Low-Cost Land Bank: Lippo had undeveloped land of more than 6.0 million square meters (sq m) at end-June 2017, including 1.2 million sq m at LPCK but excluding land in projects that are under development.
Lippo's credit profile, excluding LPCK, compares more closely with peers such as PT Kawasan Industri Jababeka Tbk (Jababeka, B+/Stable), which has a concentrated and small portfolio of assets generating recurring EBITDA of USD25 million-30 million, but large property presales of around IDR1.0 trillion-1.5 trillion per year.
PT Alam Sutera Realty Tbk (B/Stable) and PT Modernland Realty Tbk (B/Stable) generate higher attributable property sales of around IDR2 trillion annually, compared with Lippo's IDR700 billion-800 billion, excluding LPCK. However, Lippo's strong recurring cash flow profile and diversified portfolio more than offsets the risks from lower property sales and provides sufficient coverage of Lippo's interest cost and fixed charges.
- Lippo, excluding Siloam International Hospitals and LPCK, will be liquidated during bankruptcy because it is primarily an asset-trading company
Low-Cost Land Bank: Lippo had undeveloped land of more than 6.0 million square meters (sq m) at end-June 2017, including 1.2 million sq m at LPCK, which houses the Meikarta project, but excluding land in projects that are under development.
Furthermore, Lippo's Meikarta project is owned by its 54% held listed subsidiary, LPCK. This means LPCK's contribution to consolidated cash flow will increase significantly in the next few years.
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