Equity Analysis /

ID : Jasa Marga - Lane to improvement

    Aurelia Barus
    Aurelia Barus

    Research Analyst

    6 April 2021
    Published byCGS-CIMB

    We project JSMR’s EBITDA to recover in FY21F with 40% growth, driven by volume recovery, tariff hikes, and increase in its toll road length. Should remain solvent in FY21F, with asset divestments helping it reduce its debts. The IPO of JTT, potentially in FY22F, could help it further deleverage. Reiterate Add with a lower TP of Rp5,000, based on 12x FY21F EV/EBITDA.