Real-estate project for rent, controls "pie siam"
Penthouse ended 2025 with stronger equity and wide covenant room, but its economic core still has to prove it can turn a huge development pipeline and a weak hotel layer into NOI, cash flow and debt service.
Penthouse's 2025 valuation jump rests mainly on an approximately ILS 1.04 billion cluster of development and ramp-up assets that still sit between planning, construction, opening, and stabilization, rather than on assets that have already proven stable NOI and external realizati…
Penthouse’s Series A bond is not close to a technical covenant breach, but its real protection layer is narrower than the equity headline suggests: debt to collateral stood at 69.9% against a 75% warning line, while bank debt, PAI Siam bonds, and hotel cash-flow claims already s…
Penthouse’s 2025 profit barely turned into cash: net profit was ILS 170.1 million, cash flow from operations was negative ILS 9.8 million, and the year-end cash balance was built mainly through financing.
