Around 20 sections of toll roads will be evaluated by Indonesia toll road authority (BPJT),to determine if the project will be continued or eligible to be discharged (17 of them are located in Jabodetabek).Under the new law,Presidential Regulation No.13/2010,terminating project expected will not be happen as the toll developer may find a new strategic partners.
JSMR is completing the development of toll Kunciran-Serpong and Kunciran-Cengkareng and interested in acquiring 2 tolls road sections in JORR II,namely Cimanggis-Cibitung and Labu-Serpong,to connecting its existing toll roads.
We still have Buy recommendation on JSMR,currently trades at P/E and PBV 2010 of 9.1x and 1.5x.
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