Asset divestment plan and government support are pillars for recovery. FY20 results, with a core net loss of Rp7.1tr, could be the bottom, in our view. First-stage share swap between WTR and SMI was positive. WTR traded its assets at a lower valuation of 1.8x P/BV for SMI’s assets at 2.4x P/BV. Reiterate Add, with a slightly lower TP of Rp1,650, still based on SOP (a 40% discount to its toll road investment cost in FY21F).