Jasa Marga (JSMR IJ)
Our analyst Hadi has prepared a note on Jasa Marga (JSMR IJ) which presented at our Vegas forum yesterday (note attached). We believe Jasa Marga is still on track with its operational targets for 2009-10 (see below).
Feedback from the Forum
JSMR is planning to build 5 new toll roads, linked to their existing ones (existing =500km), totalling 140km over the next 4 years (increasing total length by 28%)
In addition it may buy out some existing toll roads owned by private operators that could add another 40 plus km.
JSMR believes they have no competition in winning new projects because of the experience derived from their 30 year track record.
Long term business prospects are indeed bright as the government has no money thus they rely heavily on toll road operators for new road building.
JSMR's debt is rated AA minus by Pefindo (Indonesia's credit rating agency) thus it has strong access to the domestic bond market. It has no need to refinance until 2011.
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