Revenue 1H10 recorded at Rp2.1tn (+23.5%yoy).This is in line with ours and consensus estimates.Net income was at Rp648bn (+63.7%yoy)in line with our estimates and above consensus.
Traffic volume in 1H10 increase by 3.3%yoy to 464.7mn vehicles.
The highest traffic growth occurred in Cipularang,which grew by 10.8%yoy.JORR contributes the biggest revenue around 20.3%of toll road revenues.Meanwhile,the highest traffic was contributed by JIRR toll road,which captured 19.9%of total traffic.
We have a Buy recommendation on JSMR,it trades at PER10F-11F of 12.5x and 11.3x,respectively.
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