We visited Semarang-Ungaran (11.3Km)part of Semarang-Solo (75.7Km),on 5
Aug10,some key points are:
Land clearing has reached 100%and construction reached 90%.The toll is expected can be tested operationally on this Lebaran holiday and can be operating commercially in 4Q2010,in line with JSMR schedule.
Average traffic volume minimum for a toll road must reach 20,000 vehicles per day to meet the eligibility standards.
The company still in due diligence to acquire 2 new toll roads located in greater Jakarta,and has connecting with existing toll roads.JSMR allocated capex FY10 around Rp2.3tn.
We have Buy recommendation on JSMR,currently it trades at PER10F-11F of 13.3x and 11.7x,respectively.
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