CNAF – Indonesia’s Most Capital-Efficient Bank-Backed Auto Multifinance

June 25, 2026

Investment Highlights

  • AAA(idn) rated — top-tier credit with Fitch imprimatur and Group backing. CNAF is rated AAA(idn) by Fitch — the highest possible rating in the Indonesian market — reflecting CIMB Group’s financial strength, CNAF’s conservative risk management, and the explicit parent support embedded in the IDR 12.7 trillion joint financing facility (IDR 3.7T utilized, IDR 9.0T on standby). NPF Gross of 1.93% — vs industry average 2.62% — and Interest Coverage of 192x confirm the credit quality beyond the rating.
  • 4.2x peer-average booking efficiency — lean machine, not a branch network. With only 31 branches, CNAF achieved booking per branch of IDR 298.4bn — #3 nationally and 4.2x above the bank-backed peer average (IDR 71.5bn). Booking per employee at IDR 5.9bn ranks #2 overall. This lean model is powered by 100% CNAF Mobile adoption and cross-selling via CIMB Niaga’s 407-branch network — a structural competitive advantage that is difficult to replicate.
  • Debut conventional bond — +250bps repricing from CNAF’s own March 2026 sukuk. CNAF Sukuk Wakalah Tahap IV (SWCNAF01ACN4) was issued at 4.90% for 370D in March 2026. Obligasi Berkelanjutan I Tahap I 2026 Seri A prices at 7.40% — a +250bps step-up from the same issuer in only three months, fully attributable to BI’s cumulative +100bps hike cycle and the conventional bond market’s post-drought repricing. For investors, this is a unique entry point: AAA-quality credit at a coupon level that reflects a market reset, not issuer deterioration.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
Aldiracita Global Investment Pte Ltd

8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

Director of Investment Banking

Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

Our Fixed Income Sales

Mario Martin
Head of Fixed Income Sales
Mindo Leona
VP of Fixed Income Sales
Schedule a consultation with our Fixed Income Sales

Mindo Leona Christina Pardede

President Director

Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

Livius Nurtanio

Senior Managing Director

Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

Christian Kurniawan

Director

Christian Kurniawan is a seasoned finance professional with over 15 years of experience in accounting, financial management, and capital markets. Prior to joining Aldiracita, Christian built his career at Moore Stephens Consulting, progressing from Junior to Associate Manager. During this time, he was actively involved in financial due diligence, valuation, and advisory services across various industries, strengthening his expertise in financial analysis and corporate transactions.

Christian holds a Bachelor’s degree in Accounting from Universitas Katolik Atma Jaya and is a certified Wakil Perantara Pedagang Efek (WPPE). He has also completed professional programs in taxation and leadership, reflecting his commitment to continuous professional development.

B Hari Mantoro

Independent Commissioner

Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).