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Rabu, 05 Januari 2011

Mandiri Sekuritas Jasa Marga: is planning to enter property business this year (JSMR, Rp3,525, Buy, Rp4,100)

􀂄 In FY11F, JSMR is planning to expand its business by doing property business, through development of the area around the operation toll roads. JSMR is planning to build residential in 3 separate areas. We still have no further information related with the plans. Currently, JSMR owns 40ha area of land. JSMR allocates capex FY11F totaling to Rp6.2tn, which Rp3tn will be used for its subsidiaries.

􀂄 Toll Road Authority (BPJT) gives an injection of funds amounting to Rp54bn to PT Marga Sarana Jabar (55% owned by JSMR). Marga Sarana is the concession holder for Bogor Outer Ring Road (BORR). The fund will be use to finance land clearing process for BORR section 2 (Kedunghalang - Simpang Yasmin, 4.2Km). Source of funding for BORR comes from bank loans totaling to Rp1.1tn and from JSMR Rp480bn.

􀂄 We have a buy recommendation on JSMR. Currently it trades at PER11F of 15.9x.
Posted by Saham Pilihan at 23.19

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