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JSMR

Contact our analyst Eka
42% potential Upside, BUY 
5th July 2023
Price Rp 3830
Target price Rp5440
Transaction volume continue to grow
  • JSMR's traffic or toll transaction volume has shown strong growth, increasing by +8.3% YoY in 1Q2023. Subsidiary toll road transaction volumes have increased by +12.3% YoY, primarily driven by the Nusa Dua – Benoa toll road's remarkable growth of +121.3%. Additionally, the parent-level transaction volumes have grown by +7.7% YoY, with significant growth from the Cawang – Cengkareng toll road at +16.2%.
  • JSMR's consolidated toll and other operating revenue reached IDR 3.38 trillion, a +6% YoY growth in 1Q2023. JSMR's subsidiaries contributed to this growth with a +20% YoY increase to IDR 706.2 billion, while the parent company achieved +14.4% YoY growth to IDR 2.31 trillion.
  • Revenue from new toll roads has also increased from IDR 1.76 trillion in 1Q2022 to IDR 1.91 trillion in 1Q2023, representing an +8.4% YoY growth.
  • During the Lebaran period, JSMR achieved another record with transaction volume growth of +1.4% and record revenue of IDR 907.6 billion. With this accomplishment, we expect higher revenue for 2Q2023.
  • Given the continued volume increase and expected tariff adjustments, our target is for JSMR toll and other operating revenues to grow by +8.7% YoY to IDR 14.98 trillion.

1Q2023: Margin improvement
  • After a strong performance in 4Q2022 due to a one-off gain from the divestment of the MBZ toll road, JSMR has shown a margin improvement YoY, primarily driven by a tariff adjustment in early 2023.
  • JSMR's net profit for 1Q2023 grew by +26.7% YoY to IDR 497 billion, resulting in a higher net profit margin (NPM) of 14.7%.
  • The company's operating income increased by +2.5% YoY to IDR 1.58 trillion, aligning with higher general and administration expenses (+37% YoY), particularly in salaries and allowances, which increased by +44% YoY, leading to a slightly lower operating profit margin (OPM) of +46.8%.
  • JSMR's finance costs decreased by -16% YoY, positively impacting the higher NPM of 14.7% in 1Q2023.
  • Moreover, JSMR achieved an EBITDA of IDR 2.18 trillion in 1Q2023, which is +0.1% YoY growth. The management is targeting EBITDA growth of >10% in 2023, with an EBITDA margin range of 60%-65%.

Valuation: TP 5,440, Maintain BUY
  • Our target share price for JSMR is IDR 5,440, which would mean a 2024F PE of 16x, and offers investors a potential return of 42%. We maintain our recommendation to BUY.
Download the full report

Previously

​JSMR Mar2023
​JSMR Nov2022
​JSMR Oct2022
​JSMR May2022
​JSMR Mar2022
​JSMR Nov2021
JSMR Aug2021
​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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