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Senin, 30 Mei 2011

asa Marga (JSMR IJ) marching on –more toll roads to be acquired by Sarina Lesmina - CLSA

After acquiring Gempol-Pandaan (14km) from the 24 stalled toll road projects, Jasa Marga is eyeing two more sections in Surabaya. One is the inner city toll road (13.7km), and another one is the Mojokerto-Kertosono (40.5km) which is also part of the stalled toll road projects. The acquisition is expected to be completed in June/July 2011.

· Jasa Marga will increase its stake in the inner city toll road from currently 2.45% to a majority 55-60%. Total investment cost for the project is ~Rp1.7tn.

· For Mojokerto-Kertosono section, Jasa Marga will buy stake from its current owner, PT Natpac Graha. Investment of the project is estimated at Rp3.48tn.

· If completed, the acquisitions will make Jasa Marga a prominent toll operator in Surabaya. Its first section of Surabaya-Mojokerto toll road will be operational this year. The company also owns Gempol-Pasuruan (34km) which will be operational in 2012, and as mentioned, they recently acquired Gempol-Pandaan, which is adjacent to Gempol-Pasuruan. Surabaya is a thriving city of more than 4m people, and is seeing a rise in demand for property lately.

· Financing is not an issue for now, given Jasa Marga can finance up to 100km, on top of their current seven expansion projects. Toll road investment will be 70:30 debt/equity financing.

· Maintain BUY on Jasa Marga, now trading at 15x PE11, and 12.5x PE12, comparable to peers but delivering higher growth and expansion in margin from increasing productivity and operational leverage. There is now upside to our numbers from new projects to be acquired by the company and the land bill.

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