Obligasi Berkelanjutan II Pyridam Farma Tahap II Tahun 2026

October 2, 2026

Rating: irA- (KRI)

Pharma Turnaround Hits Operating Breakeven as Pyridam Terms Out Its 2027 Maturity

PT Pyridam Farma Tbk (IDX: PYFA) is an integrated pharmaceutical group, founded in 1976 and listed in 2001, spanning prescription medicines, consumer health, esthetics, medical devices and contract manufacturing (CDMO) across Indonesia and Australia. It has expanded since 2021 through the acquisitions of Holi Pharma, Ethica Industri Farmasi and, in June 2024, Probiotec of Australia (AUD165mn, about IDR2.7tn), and now consolidates nine entities across Indonesia, Singapore and Australia. Held 60.20% by Singapore-based Rejuve Global Investment Pte Ltd, the controlling shareholder since July 2020.

Indicative Structure

  • Obligasi: up to IDR770.0bn – single series, 5Y
  • Coupon: 9.50% p.a. fixed, paid quarterly.
  • Clean basis (unsecured), bullet repayment at maturity.
  • Proceeds fund: around IDR400.0bn to refinance the PUB I Tahap I 2022 bond maturing 8 Mar 2027; the balance (around IDR370.0bn) for working capital.
  • Part of PUB II (target IDR1.5tn; Tahap I placed IDR420.0bn in July 2025), Tahap II.

Why This Deal

  • Turnaround now visible. 1H2026 revenue rose 16.8% yoy to IDR1,617.5bn, gross margin widened 180bp to 23.1% and the operating line reached breakeven. Australia contributes 73% of revenue, giving a partial FX hedge.
  • Attractive carry. The 9.50% coupon pays about 60bp over the idA- 5-year curve and roughly 250bp over the 5-year SBN. We recommend SUBSCRIBE.
  • Parent support offsets high leverage. Rejuve has issued a financial support letter, and proceeds refinance the March 2027 maturity. Net debt/EBITDA of 16.2x and negative operating cash flow remain the watch items.

Indicative Timeline

  • Bookbuilding 1 – 13 Oct 2026
  • Public Offering 2 – 3 Nov 2026
  • Allotment 4 Nov 2026 · Listing IDX 9 Nov 2026

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).