Jasa Marga Company update - Focusing on what it does best - by Liliana Bambang
(JSMR IJ / JSMR.JK, OUTPERFORM - Upgraded, Rp880 - Tgt. Rp1,090, Transport Infrastructure)
We view JSMR's recent additional stakes in four toll roads positively. The acquisitions should provide synergies and enhance traffic volume on its existing toll roads, provide operational efficiencies and opportunities for cost savings, and the potential for traffic growth. To refocus on operating toll roads instead of investing, the company plans to divest minority stakes. Given the above positive developments, we upgrade JSMR to OUTPERFORM from Neutral, with a new DCF-based target price of Rp1,090 (from Rp1,050).
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