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JSMR

Contact our analyst Eka
61% potential Upside, BUY 
3rd October 2022
Price Rp 3240
Target price Rp5230
Traffic Returned to Normal
  • Mobility has returned to normal without any restrictions, leading to an increase in toll transaction volume and revenue.
  • JSMR consolidated toll revenue reached IDR 6.65 trillion, up +17.8% YoY in 1H2022 due to tariff adjustments for three toll roads this year and higher transaction volume.
  • JSMR’s subsidiaries booked +25% growth to IDR 1.66 trillion and the parent company booked  +13.1% growth to IDR 4.41 trillion.
  • JSMR transaction volume increased +15.6% YoY in 1H2022 with JSMR’s subsidiary toll road transaction volume increasing +33.2% YoY and JSMR’s parent level transaction volume increasing +11.2% YoY.
  • For 2Q2022, the volume of transactions was higher by +6% QoQ and +13% YoY due to the high traffic during the Lebaran holiday with Jakarta – Cikampek toll road having the highest volume traffic compared to the others toll roads. In 2Q2022, JSMR booked toll road revenue of IDR 3.46 trillion, higher by +8.2% QoQ and +19.7% YoY.
  • We expect the higher volume of transactions will continue in 2022F and JSMR toll and other operating revenue will grow +15% YoY to IDR 13.55 trillion.

Triple digit profit Growth
  • If we exclude gains from divestments of IDR 788.7 billion in 1H2021, JSMR’s bottom line profit in 1H2022 had triple digit growth of +998% YoY to IDR 734.7 billion. In the 2Q2022, JSMR profit reached IDR 341.9 billion from a loss in 2Q2021.
  • Operating profit also grew +9.4% YoY to IDR 2.93 trillion in 1H2022, and profit before tax also grew +295.7% YoY due to a decrease in interest expenses of -17%.
  • EBITDA increased +21.3% YoY to IDR 4.39 trillion and the EBITDA margin increased to 66.9%.
  • We expect better 2022 traffic volume and revenue, which gives a net profit target of IDR 1.89 trillion which is growth of +17% YoY.

Valuation: TP 5,230, Maintain BUY
  • Our target for JSMR share price is IDR 5,230, offering investors a potential return of 61%, we maintain our recommendation to BUY. This would translate to a 2023F PE of 17x.
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Previously

​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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