ID - [ JSMR IJ]: Wider GPM On Tariff Adjustment; BUY
Andrey Wijaya, Mutiara Nita - RHB Sekuritas
♦ Maintain BUY with high-end Street TP of IDR6,100, 15% upside implying 11.7x-10.2x FY19F-20F EV/EBITDA.
♦ FY18 earnings came in flat, and in line.
♦ Higher revenue was thanks to adjusted toll tariffs from toll road integration, which widened GPM, while balance sheet was healthier with lower NDER.
♦ Jakarta-Cikampek elevated and Kunciran-Serpong-Cinere toll roads – scheduled to operate in 2019 – should further boost earnings.
♦ Key downside risks are higher interest rate, delayed in operations or tariff hike, and change in government policy.
♦ It remains a country Top Pick.
Link to report: RHB
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