JSMR.JK | OUTPERFORM - Maintained by Lydia TOISUTA

JSMR.JK  |  OUTPERFORM - Maintained  |  Share Price Rp5,700.00 - Tgt. Rp7,300.00

Toll Roads | - by Lydia TOISUTA

With the delivery of at least two projects and a tariff hike in store for 2013, Jasa Marga is still a good infrastructure proxy. Despite its low tariff increase, its 3Q12 operational performance met our expectations. But high interest cost led to underperformance at the bottomline, with 9M12 core profit coming in at 72% of our full-year forecast and 70% of consensus estimates. We cut our FY12-14 earnings while maintaining our Outperform call. Our DCF-based (WACC 10%) target price rises to Rp7,300 as we roll it forward.

 

Regard

Ghinie

---

For Live Indonesian and Regional market news and rumours update, add my pin:29A5DFFB

Kedai Trader

Twitter : @KedaiTrader

Facebook Fans : Kedai Trader

Website : www.kedaitrader.com

Pin:29A5DFFB