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

BRI Danareksa Research

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. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

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 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).</li><li>We fine-tuned our traffic vol. growth, capex schedule, interest cost, and minority assumption, thus we lower our FY24-FY26F core NP by 4-11%.</li><li>Nevertheless, we still expect 21%/17% core NP growth in FY24F/FY25F. Reiterate BUY rating with a 5% lower TP of Rp6,200.</li></ul><p><em>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.</em></p>

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).We fine-tuned our traffic vol. growth, capex schedule, interest cost, and minority assumption, thus we lower our FY24-FY26F core NP by 4-11%.Nevertheless, we still expect 21%/17% core NP growth in FY24F/FY25F. Reiterate BUY rating with a 5% lower TP of Rp6,200.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 - Maintaining Our Positive View Amid 21%/19% EPS Growth Forecast in FY24F/25F

Jasa Marga (Persero)

Jasa Marga - Maintaining Our Positive View Amid 21%/19% EPS Growth Forecast in FY24F/25F