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JSMR

Contact our analyst Eka
Massive toll road opportunities that require huge funding. 16.5% potential upside. Hold.
​17th January 2018
Price Rp6,350
Target price Rp7,400
Boost from Infrastructure
  • This year JSMR plans to do an IPO of its 65% owned subsidiary, PT Jasamarga Transjawa Tol.
  • We estimate toll and other operating revenue in 2018F will reach IDR. 9.8 trillion double digit growth from our estimate in 2017F of IDR. 9.09 trillion.
  • While revenue from construction in 2018 will reach IDR. 18.57 trillion from massive toll road development. We are expecting a high sustainable total revenue growth rate CAGR (2014-2018F) of 32%.
​
New Concession Rights
  • In January 2018, JSMR got new concessions, South Jakarta-Cikampek & Probolinggo-Banyuwangi.
  • ​With these, JSMR has 1,497 km of total concession rights. & there are more still in the tender progress & JSMR has a big chance to win them.

New Funding Push
  • For 2018, JSMR is allocating capital expenditure worth IDR. 70 trillion, IDR 43 trillion non cash and IDR. 27 trillion from cash.
  • To cover capital expenditure, in 2018 JSMR plans to do corporate actions such as offering JSMR bonds & raising money through subsidiaries IPO.

TP 7,400, 16.5% Upside. HOLD
  • We have a one year target price for JSMR, using a DCF valuation with WACC at 6.65%, of IDR. 7,400.
  • This offers investors a potential return of 16.5% & would mean the stock trading at 21.8x 2018F PE.
  • ​We recommend HOLD.
Download the full report
PT. Binaartha Sekuritas
Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12920
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