Mandiri Sekuritas JASA MARGA: 1Q10 net profit up by 54% yoy to Rp303bn (JSMR, Rp2,075, Buy, TP: Rp2,400)

JSMR booked 1Q10 revenue of Rp1.0tn (+21.4%yoy), in line with ours and consensus estimates. The revenue growth was boost by higher traffic volume and increasing tariff in Sep-09. Traffic volume in 1Q10 reached 226.5mn (+3.1%yoy); meanwhile limited growth on operating expenses has boosted operating margin resulting net profit of Rp303bn
(+54.2%yoy). Currently, it trades at PE10F of 11.9x, maintain Buy.