BINAARTHA SEKURITAS
  • Home
  • Company
  • Research
    • ANTM Mar2023
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ

JSMR

Contact our analyst Eka
Massive toll road development gives 27% potential upside. BUY
Slight growth in 1H2018
  • •As of 1H2018, JSMR toll and other operating revenue grew 5.8% yoy to reach IDR 4.79 trillion from 4.53 trillion. Construction revenue grew 62% yoy to IDR 13.87 trillion from IDR 8.57 trillion from massive toll road developments.
  • Construction expenses also grew 62% yoy to IDR 13.77 trillion. While toll and other operating costs were lower by 5% yoy from cost efficiencies like the full automation of toll payments.
  • Net Income was stable at IDR 1.04 trillion, a slight growth of 2.9% yoy.

Maintain DER with RDPT
  • As of 1H2018 JSMR’s debt to equity ratio reached 3.5X, lower compared to 2017 ‘s 4X, and bellow JSMR’s policy of 5X.
  • To maintained their DER, in July 2018 JSMR undertook a new financing strategy, Limited Equity Fund ( Reksa Dana Penyertaan Terbatas / RDPT).
  • The value of RDPT is IDR 3 trillion and will be issued gradually, with an Internal Rate of Return (IRR) of 10.25%.
  • In the RDPT scheme, JSMR divests 20% of its ownership in PT Jasamarga Batang Semarang (JSB), PT Jasamarga Solo Ngawi (JSN), and PT Jasamarga Ngawi Kertosono Kediri (JNKK). This reduces its ownership from 60% to 40%.
  • We expect the RDPT issuance will help to maintain JSMR’s DER and Interest Coverage Ratio during the current high demand for capital from massive toll road expansion.

Valuation: TP 6,330, Upside 27% BUY
  • We have a one year target price for JSMR of IDR. 6,330, offering investors a potential return of 27%. This would mean the stock trading at 18x 2018F PE. We recommend BUY.​
Download the full report

Previously

January 18, 2018
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920
+62215206678 | email: kyc.online@binaartha.com

Follow Our Social Media
Picture
binaarthasekuritas
Picture
​binaartha sekuritas​
Picture
Linkedin
Picture
@binaarthasekuritas
Picture
Binaartha research
  • Home
  • Company
  • Research
    • ANTM Mar2023
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ