Company Update

10 November 2022

JSMR IJ - MNC Sekuritas Equity Report November 10, 2022

Riding the Opportunity of Economic Recovery

Key takeaways:

• JSMR IJ recorded a steady growth of revenue of IDR11.7 tn (+10.2% YoY), below our estimates yet above the consensus (70%/83% of our/cons FY22E estimates), where its toll operating segment contributed IDR9.3 tn (+22.6% YoY) or 79.5% of the total revenue.

• EBITDA was recorded at IDR6.4 tn (+20.3% YoY), below our estimates and above the consensus (67%/79% of our/cons FY22E estimates), driven from a steep increase in its D&A expense by +201.5% YoY. EBITDA margin was recorded to be 55.2% (vs 50.6% in 9M21).

• MBZ toll road was acquired by META IJ in Oct-22 for 40% worth IDR4.0 tn from the total 80% of JSMR's stake in PT JJC. Thus, the FY22E bottom-line is potentially booked at IDR3.8 tn (vs IDR1.0 tn in 9M22).

• JSMR is reported to implement an equity fundraising program through IPO to PT Jasamarga Transjawa Toll (JTT) and is set to be done on 2Q23F.

• We recommend BUY with TP of IDR3,700 (+12.1% upside), implying FY22E EV/EBITDA of 2.8x.

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