Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Lippo Karawaci: Buying Time To Avert Distress

Siloam International Hospital (SILO IJ) - Healthcare for the Rich and Poor - On the Ground in J-Town

Mitra Keluarga (MIKA IJ) - Throwing in the Towel for the Health of the Nation - Company Visit

Accounting & corporate governance analyst, Bondcritic

Jonathan Lim

Accounting & corporate governance analyst

Credit

<p><a href="https://www.smartkarma.com/entities/3121" target="_blank" data-smartkarma-citation="entities:3121:1">Lippo Karawaci (LPKR IJ)</a> ("LK")'s 1Q results were within our expectations and we reiterate our <strong>Neutral</strong> recommendation on the LPKRIJ complex (also see our note: <a href="https://www.smartkarma.com/insights/lippo-karawaci-rolling-with-the-punches" target="_blank" data-smartkarma-citation="insights:29482">Lippo Karawaci: Rolling with the Punches</a>). We note that LK's subsidiary, <a href="https://www.smartkarma.com/entities/878" target="_blank" data-smartkarma-citation="entities:878:1">Siloam International Hospital (SILO IJ)</a> ("Siloam") delivered better than expected results. Cash balances increased IDR 2.9trn as the Riady family had injected USD 280m, an advanced subscription to the proposed USD 730m rights issue. In this flash note, we discuss developments announced with the 1Q results.</p>

Lippo Karawaci (LPKR IJ) ("LK")'s 1Q results were within our expectations and we reiterate our Neutral recommendation on the LPKRIJ complex (also see our note: Lippo Karawaci: Rolling with the Punches). We note that LK's subsidiary, Siloam International Hospital (SILO IJ) ("Siloam") delivered better than expected results. Cash balances increased IDR 2.9trn as the Riady family had injected USD 280m, an advanced subscription to the proposed USD 730m rights issue. In this flash note, we discuss developments announced with the 1Q results.

Lippo Karawaci

Lippo Karawaci: 1Q, Within Expectations