· Jasa Marga is preparing a min. of Rp2.70tn for 2011 capex, up by 12.5% YoY. This is due to the company’s plan to expand outside of its toll road business and enter the property, fiber optic, and engineering business. Rp400.0bn is set aside for this endeavor.
· In the property and fiber optic lines, Jasa Marga plans to work together with Pembangunan Perumahan (PTPP, Rp950) and Telkom (TLKM, Rp9,250). The company plans to set up a new subsidiary in charge for its non-core business. Management expects that these lines will contribute an accumulated total Rp200.0bn to revenue until 2013.
· For its Rp1.00tn upcoming bonds, the company has set coupon rate between 8.75%-9.95%. The bonds have a tenor of 10 years with a quarterly payment. In addition the company will issue Rp500.0bn worth of zero coupon bonds with a tenor of 3 years and yield indication around 8.5-9.7% per year.
· JSMR is trading at 2011F PER of 16.3x and EV/EBITDA of 10.8x.
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