Andrey Wijaya, Mutiara Nita - RHB Sekuritas
♦ Maintain BUY on Jasa Marga with DCF-based IDR6,100 TP, 20% upside, implying 11.7x-10.2x FY19F-20F EV/EBITDA.
♦ Jasa Marga plans to raise IDR700bn via the DINFRA mutual fund issuance.
♦ We see this as helping to ease the company’s balance sheet, and finance its aggressive expansion.
♦ It has extensive experience in raising funds, especially alternative financing.
♦ We expect it to continue the advanced external funding programme to finance CPF contracts that are due in 2019, and bond repayments in 2020.
♦ Its matured toll roads – eg Cawang-Tomang-Pluit (Jakarta Inner Ring Road), Soekarno-Hatta International Airport, Jakarta-Tangerang, and Purbaleunyi – are good choices for asset securitisation.
Link to our report: https://research.rhbtradesmart.com/attachments/22/rhb-report-ind_jasa-marga_corporate-news-flash_20190215_rhb-620913611008939195c65eb7a84365.pdf
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