FR CGS-CIMB (YU) : Jasa Marga
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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â– 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.
â– 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.
â– Add call maintained with TP of Rp4,800, still based on 10.3x FY18F EV/EBITDA.
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