Mandiri Sekuritas Jasa Marga: 9M09 results inline with our estimates (JSMR, Rp1,760, Buy, TP:Rp2,100)

􀂄 JSMR reported its 9M09 results. Revenues reached Rp2.6tn (+4.8%yoy), but operating profit fell by 0.2%yoy on higher opex, primarily higher road maintenance and general administration cost. Traffic grew by 3.7%yoy and by 1.4%qoq.

􀂄 The results are inline with our and consensus estimates with operating profit forming 72.9% of our and 71.0% of consensus estimates

􀂄 However, the company achieved 93.6% of our full year net profit (99.5% of consensus), this is because of

􀂄 the one time extraordinary gain because of equity transaction of JORR W1 section. We maintain our Buy for JSMR at TP of Rp2,100/share. It implies PER09-10F of 18.2x and 10.6x respectively.