In today’s briefing:
- JSMR: Decent 1H18, Overhang Remains
JSMR: Decent 1H18, Overhang Remains
- Net profit up 3% on higher toll revenue and operating margin expansion.
- Longer term concerns remain, maintain IDR4,900 TP.
- With 62% of Indonesia’s toll roads by length, JSMR offers exposure to Indonesia’s ongoing urbanisation and infrastructure spending plans. Near term, government intervention in toll tariffs will likely weigh on the stock.
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