Analisa Saham JSMR
FR CIMB (YU) : Jasa Marga | PDF
Another step to improve traffic flow
JSMR IJ / JSMR.JK | ADD - Maintained | Rp5,350.00 tp:Rp6,500.00▼
Mkt.Cap:US$2,823.00m | Avg.Daily Vol:US$4.33m | Free Float:30.00%
Toll Roads
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
■ JSMR’s introduction of new traffic flow policies on the Jakarta-Cikampek toll road on 12 Mar 2018 should improve peak hour traffic congestion.
■ We expect small negative impact on traffic volume and earnings. We trim FY18-20F core EPS by 0.4-2.2%
■ New measures are part of JSMR’s continuous tweaking of its toll road management policies (single fare, cashless payment) that aims to improve operational efficiency.
■ Institutional investors, local and domestic, appear to be paring down ownership in JSMR, perhaps due to concerns about its near-term earnings.
■ Our view is that JSMR’s long-term value is attractive, short-term earnings risk aside.
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