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    2022 11 29 Sufi

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    PT Suzuki Finance Indonesia (SUFI) has been assigned an idA- rating with a stable outlook by PEFINDO. The rating reflects SUFI's status as a strategically important subsidiary of Suzuki Motor Corporation, its strong capitalization and liquidity, but is constrained by its weak asset quality and modest profitability. The rating may be raised if SUFI significantly strengthens its market position and financial performance, particularly its asset quality and profitability. Conversely, the rating may be downgraded if asset quality or profitability deteriorates further or capitalization significantly declines.

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    2022 11 29 Sufi

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    firman
    29 views2 pages
    PT Suzuki Finance Indonesia (SUFI) has been assigned an idA- rating with a stable outlook by PEFINDO. The rating reflects SUFI's status as a strategically important subsidiary of Suzuki Motor Corporation, its strong capitalization and liquidity, but is constrained by its weak asset quality and modest profitability. The rating may be raised if SUFI significantly strengthens its market position and financial performance, particularly its asset quality and profitability. Conversely, the rating may be downgraded if asset quality or profitability deteriorates further or capitalization significantly declines.

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    2022-11-29-SUFI

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    PT Suzuki Finance Indonesia (SUFI) has been assigned an idA- rating with a stable outlook by PEFINDO. The rating reflects SUFI's status as a strategically important subsidiary of Suzuki Motor Corporation, its strong capitalization and liquidity, but is constrained by its weak asset quality and modest profitability. The rating may be raised if SUFI significantly strengthens its market position and financial performance, particularly its asset quality and profitability. Conversely, the rating may be downgraded if asset quality or profitability deteriorates further or capitalization significantly declines.

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    29 views2 pages

    2022 11 29 Sufi

    Uploaded by

    firman
    PT Suzuki Finance Indonesia (SUFI) has been assigned an idA- rating with a stable outlook by PEFINDO. The rating reflects SUFI's status as a strategically important subsidiary of Suzuki Motor Corporation, its strong capitalization and liquidity, but is constrained by its weak asset quality and modest profitability. The rating may be raised if SUFI significantly strengthens its market position and financial performance, particularly its asset quality and profitability. Conversely, the rating may be downgraded if asset quality or profitability deteriorates further or capitalization significantly declines.

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    of 2

    Rating Summary

    November 29, 2022

    PT Suzuki Finance Indonesia


    Credit Rating(s) PEFINDO has assigned its “idA-” rating for PT Suzuki Finance Indonesia (SUFI). The
    General Obligation (GO) idA-/Stable outlook for the corporate rating is “stable”

    The rating reflects SUFI’s status as a strategically important subsidiary of Suzuki Motor
    Rated Issues
    Corporation (SMC or the Parent), its strong capitalization, and strong liquidity and
    -
    financial flexibility. However, the rating is constrained by its weak asset quality and
    modest profitability performance.
    Rating Period
    November 17, 2022 – November 1, 2023 The rating may be raised if SUFI significantly and consistently strengthens its market
    position in the financing industry, which may stem from stronger business synergy
    Published Rating History with its Parent, while simultaneously continuing to improve its financial performance,
    NOV 2021 idA-/Stable particularly its asset quality and profitability. Conversely, the rating may be
    NOV 2020 idA-/Stable downgraded if its asset quality or profitability exhibit further deterioration. The rating
    SEP 2019 idA-/Stable
    may also be subject to a downgrade if its capitalization significantly deteriorates.
    AUG 2018 idA-/Stable
    AUG 2017 idA-/Stable Established in January 2005, SUFI was initially engaged in Suzuki new motorcycle
    JAN 2016 idA-/Stable financing services. In 2009, it began financing cars and non-Suzuki used motorcycles.
    As of September 30, 2022, it operated 78 branches covering major cities in Java, Bali,
    Sumatra, Kalimantan, and Sulawesi, supported by 1,683 employees. It is owned by the
    Suzuki Motor Corporation (84%), PT Tritunggal Inti Permata (15%), and PT Indomobil
    Multi Jasa (1%).

    Rating Definition Financial Highlights


    An obligor rated idA has a strong capacity to meet its
    As of/for the year ended Sep-2022 Dec-2021 Dec-2020 Dec-2019
    long-term financial commitments relative to that of
    (Unaudited) (Audited) (Audited) (Audited)
    other Indonesian obligors. However, it is somewhat
    more susceptible to the adverse effects of changes in Total assets [IDR bn] 5,055.5 5,326.8 6,036.2 6,023.8
    circumstances and economic conditions than higher- Net receivables [IDR bn] 4,515.3 4,852.9 5,466.2 5,452.5
    rated obligors. Net service assets [IDR bn] 4,783.2 5,136.3 5,731.3 5,617.9
    Total equity [IDR Bn] 794.9 824.3 737.2 965.5
    The minus (-) sign indicates that the rating is relatively Net interest revenue [IDR bn] 335.4 472.1 340.2 437.9
    weak within its category. Net income [IDR bn] 28.7 10.8 (167.9) (173.4)
    Cost to income [%] 61.5 60.6 94.7 93.7
    Operating profit margin [%] 4.3 1.8 (24.7) (22.3)
    ROAA [%] 0.7 0.2 (2.8) (2.9)
    NPR-balance/NSA [%] 7.9 7.4 6.5 6.2
    Reserves/NSA [%] 5.6 5.5 4.6 2.9
    Equity/NSA [%] 16.6 16.0 12.9 17.2
    Total debt/equity [x] 5.1 5.2 6.7 4.8
    USD exchange rate [IDR/USD] 15,247 14,269 14,105 13,901

    Contact Analysts: The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
    been reclassified according to PEFINDO’s definitions.
    reza.firdaus@pefindo.co.id
    adrian.noer@pefindo.co.id

    http://www.pefindo.com November 2022


    Rating Summary
    November 29, 2022

    DISCLAIMER
    The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
    was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions made
    at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt securities
    based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity assigned a
    rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered reliable in
    conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits, due diligence,
    or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility for the truth,
    completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the responsibility of
    the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not responsible to any party
    for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication, either directly or indirectly.
    PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to the rating assignment.
    PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process. PEFINDO also has a “Code
    of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated at the time they were first
    assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated company does not fulfill
    its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the ratings and analysis in its
    reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are material facts or important events
    that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval from PEFINDO. PEFINDO is not
    responsible for publications by other parties of contents related to the ratings given by PEFINDO.

    http://www.pefindo.com November 2022

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