External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>JSMR has signed SPA on JTT divestment, with expected total proceeds of Rp15.3tr, to be paid in two terms (Sep24 and Dec24).</li><li>The proceeds should enable JSMR to deleverage, thus our FY25E core NP expectation of Rp4.2tr and Rp8tr deleveraging are not stretched.</li><li>The signed agreement should remove JTT divestment overhang. Reiterate Buy on JSMR with a TP of Rp6,500.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JSMR has signed SPA on JTT divestment, with expected total proceeds of Rp15.3tr, to be paid in two terms (Sep24 and Dec24).The proceeds should enable JSMR to deleverage, thus our FY25E core NP expectation of Rp4.2tr and Rp8tr deleveraging are not stretched.The signed agreement should remove JTT divestment overhang. Reiterate Buy on JSMR with a TP of Rp6,500.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jasa Marga - JTT Divestment Is Signed and Sealed

<ul><li>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.</li><li>Strong revenue momentum will still bring a positive increment to JSMR’s FY25F net profit, even under our most extreme scenario.</li><li>We think concerns about JTT payment delay and higher interest burden are overdone, and thus, we reiterate our Buy rating with a TP Rp 6,500.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.Strong revenue momentum will still bring a positive increment to JSMR’s FY25F net profit, even under our most extreme scenario.We think concerns about JTT payment delay and higher interest burden are overdone, and thus, we reiterate our Buy rating with a TP Rp 6,500.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jasa Marga - Debunking Investors’ Concerns, Part Deux

<ul><li>Based on our analysis, JSMR can afford to fulfill its ST obligation, even if the second-term payment of JTT divestment is delayed.</li><li>We estimate traffic growth could offset the rising minority impact on net profit in FY25F, but deleveraging is needed to aid FY26F earnings. </li><li>We reiterate Buy rating with a TP of Rp 6,500. JSMR still trades below its historical multiplier despite delivering better ROA and EBITDAM</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Based on our analysis, JSMR can afford to fulfill its ST obligation, even if the second-term payment of JTT divestment is delayed.We estimate traffic growth could offset the rising minority impact on net profit in FY25F, but deleveraging is needed to aid FY26F earnings. We reiterate Buy rating with a TP of Rp 6,500. JSMR still trades below its historical multiplier despite delivering better ROA and EBITDAMContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jasa Marga -  Debunking JTT Divestment Payment Delay Risks

<ul><li>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%). </li><li>We expect JTT divestment proceeds to be used for deleveraging, while capex will also be moderating at Rp6tr-7.3tr (vs Rp23tr-46tr in FY17-23).</li><li>We estimate attractive 28%-33% core EPS growth with upsides from lower rates, thus, we reinitiate with a BUY rating and a TP of Rp 6,500.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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%). We expect JTT divestment proceeds to be used for deleveraging, while capex will also be moderating at Rp6tr-7.3tr (vs Rp23tr-46tr in FY17-23).We estimate attractive 28%-33% core EPS growth with upsides from lower rates, thus, we reinitiate with a BUY rating and a TP of Rp 6,500.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Indonesia

PT Jasa Marga Persero Tbk operates the Indonesian highway system.  The Company collects tolls, maintains the road surfaces, and offers towing and ambulance services.

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Jasa Marga (Persero) (JSMR IJ)

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).

BRI Danareksa Research

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.

BRI Danareksa Research

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.

BRI Danareksa Research

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%).

BRI Danareksa Research

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

First Pacfic Company's holdings in Southeast Asia are benefiting from monetary easing. Indofood and PLDT share prices have recently re-rated and...

David Mudd

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