JSMR indicated that 1Q10 revenues could reach Rp1tn (+20.0%yoy) This may be due to: (1) increasing traffic volume, in 1Q10 traffic reached 226.5mn (+3.1%yoy); (2) higher tariffs from Sep-09; and (3) revenue contribution from BORR which operated last Nov09; currently average daily traffic on BORR is about 17,500 vehicles/day.
We estimate revenue FY10 could reaches Rp4.3tn, in line with company’s expectations, and traffic may reach 947mn vehicles (+3.4%yoy). Currently, the company operates 528km length of toll road, covering 76% of the country’s total toll road length, which shall be expanded to 750Km by 2014.
We have Buy on JSMR, trading at PER10F of 12.1x and P/BV10F of 1.8x.
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