Jasa Marga - Maintaining Our Positive View Amid 21%/19% EPS Growth Forecast in FY24F/25F
JSMR recorded 3% qoq lower toll revenue in 3Q24 due to a high base in 2Q24, yet 9M24 rev. still grew 18% yoy (74%/72% of our/cons FY24F).
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Jasa Marga - JTT Divestment Is Signed and Sealed
JSMR has signed SPA on JTT divestment, with expected total proceeds of Rp15.3tr, to be paid in two terms (Sep24 and Dec24).
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Jasa Marga - Debunking Investors’ Concerns, Part Deux
We expect JSMR’s interest expense to be at Rp 3.8tr-4.1tr in FY25F, incl. additional interest from new tolls, with upside if the lending rate drops.
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Jasa Marga - Debunking JTT Divestment Payment Delay Risks
Based on our analysis, JSMR can afford to fulfill its ST obligation, even if the second-term payment of JTT divestment is delayed.
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Jasa Marga - Reinitiate with Buy Rating
We forecast FY24-25F revenue to grow by 11%-24%, driven by new toll roads’ traffic acceleration and impact of special tariff hike (18%-35%).
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