Traffic volume growth on track — On a monthly basis, May 2011 traffic volume at 90m vehicles translates to an increase of 3.6% MoM and 12.7% YoY. As at 5M11, traffic volume rose 12.3% YoY to 431m vehicles. This is still within our estimates and equates to 41% of our FY11E of 1,060m vehicles, and is line with historical trends (Fig. 2).
Camareng section the top volume contributor — The Camareng section continues to be the highest volume contributor with 106m vehicles (+7% YoY) and accounts for 25% of total traffic volumes. 25% of the Camareng volumes had come from the Prof. DR. Sedyatmo section, who now continues to deliver positive growth (+18% YoY to27m vehicles), despite the change from closed system to open system.
Jagorawi: Highest growth — The highest growth came from the Jagorawi section where traffic grew 36% YoY to 69m vehicles and, at 16% of total volume, it was the second-highest contributor YTD May.
BORR: Slowly but surely — In terms of overall contribution, the Bogor Ring Road section only accounts a mere 0.8% but still this is a slight improvement compared to the 0.7% contribution during the same period last year. But since it began operation in November 2009, volume growth from this section has shown sharp improvements (Fig 3). As at May 2011, it has grown 35% YoY to 3.5m vehicles.
Maintain Buy (TP: Rp4,000) — The latest key operating statistics show that JSMR is on track to meet our volume expectations of 1,060 million vehicles in 2011. As such, no change in our view on the stock. Maintain Buy.
Selasa, 21 Juni 2011
Jasa Marga (Persero) - Alert: May 2011 Key Operating Statistics – On Track - Citigroup
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