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).
118 Views
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).
211 Views
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.
271 Views
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.
380 Views
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%).
170 Views