UBS held a conference call with JSMR yesterday – the best of the year so far.
Better land acquisition regulations
· Revolving fund. Uses govt money first, Jasa Marga pays back ONLY after land acquisition is 100% completed.
· Landcapping: Toll road owners only liable for 10% higher than budgeted land acquisition cost. Anything above that is paid by government.
Further regulatory improvement in the future
· Management sees more political willingness from govt to make toll road projects more attractive, i.e. through subsidies.
· Govt aims to propose new land acquisition law to parliament as early as May this year. Biggest difference: revocation of land rights.
More toll road acquisitions
· Management is performing due diligence on two toll roads (greenfield) that are part of JORR 2 (Jakarta Outer Ring Road 2).
· We like toll road acquisitions in Greater Jakarta area (lowest traffic risk), and they are connected to Jasa Marga's other toll roads.
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