(JSMR IJ / JSMR.JK, OUTPERFORM - Maintained, Rp1,800 - Tgt. Rp2,500, Transport Infrastructure)
Reiterate Outperform on Jasa Marga with a higher target price of Rp2,500 (previously Rp2,250), still based on DCF valuation (WACC 11.7-12.9%). The company held an analysts' meeting after its FY09 results yesterday. We raise our earnings forecasts by 10.7% and 5.3% for FY10-11 on the back of lower assumptions for other expenses while maintaining our operating-margin assumptions. Consequently, we raise our DCF-based target price to Rp2,500, now implying 14.9x CY11 earnings and 7.6x CY11 EBITDA. We see two catalysts for the stock: 1) further land-clearing de-regulations; and 2) lower cost of funds.
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