Jasa Marga
Result note - One solid year - by Liliana Bambang
(JSMR IJ / JSMR.JK, OUTPERFORM - Maintained, Rp930 - Tgt. Rp1,100, Transport Infrastructure)
Jasa Marga booked net earnings of Rp707bn, up by 154.6% yoy, above ours and consensus. Reasons for above are (1) lower than expected tax rate of 24% versus our estimate of 30% and (2) higher than expected interest income as the company's capex disbursement is slower than expected. The company's net gearing improved to 36% in CY08 from 39% in CY07. Going forward, we expect net gearing to increase to 65% on the back of toll road acquisitions and toll road constructions. To account for a more robust cash position in CY08, we increase earnings estimate by 5-7% and increase our target price to Rp1,100 from Rp1,090, based on DCF valuation. Maintain Outperform.
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