Government will increase tariff of 3 toll roads: (1) Waru-Juanda, (12.8Km,
operated by CMNP), (2) Jakarta-Cikampek (72.5Km, operated by JSMR) and
(3) Sedyatmo (68Km, operayed by JSMR). Tariff toll in Indonesia will increase
every 2 years with incremental based on inflation on the last 2 years; this
scheme was regulated by Law No.34/2004 concerning road and
Government Regulation No.15/2005 concerning toll roads. JSMR expects
the increasing is around 10%. Currently, its trades at PE10F of 12.7x and
PBV10F of 1.7x, maintain Buy on JSMR.
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