· As a follow up to Jasa Marga’s announcement to enter the business in fiber optics, Telkom, which is the company’s partner, has begun to valuate its assets.
· Until last August, Telkom has invested as much as Rp1.70tn in the business. Rp1.10tn will be used to develop new fiber optic lines in Java-Kalimantan, while the remaining Rp600.0bn will be used to install lines in Makassar-Kupang.
· The two companies have not discussed the specifics of their cooperation, which could be in the form of a joint venture or a consortium. Telkom CEO, Mr. Rinaldi Firmansyah, states that this cooperation will not add significant revenue to Telkom, however installment of fiber optics in Jasa Marga toll roads will support the existing Telkom network.
· JSMR is trading at 2011F PER of 16.0x and EV/EBITDA of 10.7x. TLKM is trading at 2011F consensus PER of 12.6x and EV/EBITDA of 4.7x.
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