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JSMR

Contact our analyst Eka
30% potential return, Maintain BUY 
15th November 2021
Price Rp 4270
Target price Rp5550
Expecting higher volume in 4Q2021.
  • In 3Q2021, JSMR toll and other operating revenue increased +4.7% YoY to IDR 2.6 trillion while total transaction volume decreased -14.7% YoY to 230. million vehicle transactions due to the increases in Covid-19 cases since the end of June and the impact of the restrictions on social mobility.
  • As of 9M2021, JSMR’s total transaction volume increased +4.5% YoY to 758.6 million. JSMR recorded a toll and other operating revenue increase of 21% YoY to IDR 8.2 trillion.
  • We expect a higher volume of transactions in 4Q2021 as since September 2021 mobility started to increase and this continued into October 2021 due to the easing of PPKM to level 1.
  • The traffic and revenue recovered from negative -38% in July to 8% in September.  Traffic even reached +12% above normal conditions in early October and was stable until the end of October.

9M2021: Margin Increased
  • In 3Q2021, JSMR recorded a net loss of IDR -106.2 billion which is a decrease of -304% YoY after significant growth in 2Q2021. The decrease in 3Q2021 is due to the increases in Covid-19 cases since the end of June and the impact of restrictions on social mobility.
  • For 9M2021, JSMR’s net income still recorded +375.5% growth to IDR 749.4 billion. NPM increased to 9% from 2% in 9M2020.
  • Operating income also increased +36% YoY to IDR 4.6 trillion in 9M2021 with a higher operating margin of 56% from 50%.
  • EBITDA increased +29.4% YoY to IDR 5.37 trillion and the EBITDA margin increased to 65% from 61%.
  • As we expect better 4Q2021 traffic volume and revenue, we expect 2021 revenue to reach IDR 11.6 trillion or 21% YoY growth. JSMR’s net profit will reach IDR 1.0 trillion or +101% YoY growth.

Valuation: TP 5,550, Maintain BUY
  • Our target for JSMR share price is IDR 5,550, offering investors a potential return of 30%, we maintain our recommendation to BUY. This would translate to a 2022F PE of 29x. Buy.
Download the full report

Previously

​BTPS Nov2021
​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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