Sinar Mas Pulp Major – Real Refinancing Concession

July 3, 2026

Investment Highlights

  • idA+ credit backed by top-tier integrated scale and group parentage. OKI carries an idA+ rating from Pefindo, reflecting its position as one of the largest integrated pulp/tissue single-site operations globally and its embedding within the Sinar Mas/APP ecosystem – shared raw-material access, cross-directorships with Indah Kiat and Lontar Papyrus, and a consistent multi-year issuance track record under its Berkelanjutan II shelf program. FY25 gross margin held at ~46% despite a soft pricing year, and liquidity remains comfortable (247.8% current ratio).
  • Rising leverage post major expansion. Total debt has grown faster than earnings for three straight years – D/E climbed from 0.79x (FY22) to 0.995x (FY25) as heavy capex (USD881mn in FY25 alone) was increasingly funded with debt rather than operating cash flow, which collapsed to just USD22.9mn in FY25 from USD651.8mn in FY24 on a working-capital swing. This deal’s proceeds go to debt repayment and working capital, not new capacity – a refinancing-driven print, and the pricing reflects that.
  • Real, if modest, value versus the curve – sharper on the USD leg. OKI’s own February-26 5Y print (7.25% coupon) now trades at 8.32% YTM; sister companies Indah Kiat and Lontar Papyrus have re-priced 200-275bp since their Feb/Mar-26 prints to ~9.0-9.4% YTM across 3-5Y. Against that backdrop, this deal’s IDR guide (9.50-10.50%) is a sensible, modest new-issue concession – not a dramatic mispricing. The cleaner value sits in the USD tranche: Indah Kiat’s own USD paper has barely moved (5.145% YTM today vs. 5.00% at issue in March), while OKI’s USD guide (6.25-7.25%) still offers a genuine ~110-160bp pickup over that direct, same-group, same-rating comp. USD investors get the cleaner entry point on this deal.

Regards, Aldiracita Research

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Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

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Phone: (021)-39725678

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