(JSMR IJ / JSMR.JK, UNDERPERFORM - Downgraded, Rp1,330 - Tgt. Rp1,100, Transport Infrastructure)
The completion of missing links and interconnections for JORR would be a catalyst for JSMR, in our view. However, this is unlikely to happen in the near term as land acquisition progress has been slow. Another potential catalyst is better regulations and assistance to toll-road operators. Unfortunately, with other planned transportation projects under the regional government (e.g. Jakarta Monorail and Jakarta MRT), the regional government may have less incentive to accelerate progress. Downgrade to UNDERPERFORM from Outperform with an unchanged DCF-based target price of Rp1,100 on the lack of visible catalysts.
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