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.
Disclaimer On
