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JSMR

Contact our analyst Eka
42% potential return, BUY 
2nd August 2021
Price Rp 4,020
Target price Rp5,700
Traffic Recovery
  • In 1H2021, JSMR toll revenue increased +29.9% YoY to IDR 5.64 trillion in line with a total transaction volume increase of +15% YoY to 257.3 million vehicle transactions.
  • The growth was due to the sharp decrease in total transaction volume which took place in 1H2020 from the start of PSBB. Traffic decreased again in May, -40% in line with restrictions during  Lebaran (second week of April until mid of May).
  • However, from the end of May until June 2021, the traffic and revenue recovered and even reached +12% higher than under normal conditions.
  • Since June the traffic & revenue are down again -38% lower than normal due to the recent increase in Covid-19 cases.
  • We expect lower traffic & revenue in 3Q2021 because of the emergency PPKM l in July – August 2021. But we expect a speedy recovery from an expect decline in PPKM and Covid-19 cases.

1H2021 higher Margin
  • In 1H2021, JSMR net income recorded a sharp increases of +709% YoY to IDR 855.6 billion due to a gain on divestment, resulting in a higher net profit margin of 15% from 2% in 1H020.
  • JSMR booked an IDR 788 billion divestment gain from the 14% stake in PT Marga Lingkar Jakarta (MLJ) the Jakarta Outer Ring Road to PT Jakarta Marga Jaya (Astra Infra) in 2Q2021.
  • For 2Q2021, JSMR recorded a net income increase +244% YoY and +328% QoQ to IDR 693 billion after a loss in 2Q2020. NPM increased to 24% from 6% in 1Q2021.
  • Operating income also increased +66% to IDR 3.46 trillion in 1H2021 with a higher operating margin of 61% from 48%.
  • EBITDA increased +40.7% YoY to IDR 3.62 trillion and the EBITDA margin increased to 64% from 59%.
  • We revise our JSMR 2021 forecast profit to IDR 1.19 trillion, which is +139% from 2020.

Valuation: TP 5,700, Maintain BUY
  • Our target for JSMR share price is IDR 5,700, offering investors a potential return of 42%, we maintain our recommendation to BUY. This would translate to a 2022F PE of 26x. Buy.
Download the full report

Previously

​JSMR Jul2021
​JSMR Apr2021
​JSMR Dec2020
​JSMR Aug2020
​JSMR Jun2020
​JSMR May2020
​JSMR Nov2019
August 2019
August 2018
January 18, 2018
PT. Binaartha Sekuritas

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