FR CGS-CIMB (YU) : Jasa Marga
Analyst briefing key takeaways: positive vibes
JSMR IJ / JSMR.JK | ADD - Maintained | Rp4,280.00 tp:Rp4,800.00
Mkt.Cap:US$2,220.00m | Avg.Daily Vol:US$1.96m | Free Float:30.00%
Toll Roads
Author(s):Aurelia BARUS +62 (21) 3006 1721,
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■ The materialisation of the JLB stake divestment, RDPT issuance, Semarang flat tariff implementation, and lower cost of funds for bank loans point to earnings upsides.
■ On the lower tariff scheme, JSMR has proposed to the government an investment cost deficiency recovery plan and the scheme to only apply to Trans-Java toll road.
■ Add call maintained with TP of Rp4,800, still based on 10.3x FY18F EV/EBITDA.
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