Jasa Marga

Stock Quote Jasa Marga - JSMR:

Business Summary

Jasa Marga's core business is to plan, build, operate and maintain toll roads in Indonesia. Up to the end of 2013, the company has 22 toll road concessions - with a total length of 545 kilometer - in operation and 193 kilometer of toll road that is expected to become operational between 2013 and 2016. Thus, at end 2016, Jasa Marga is expected to operate toll roads with a combined length of 738 kilometer, which implies a 35 percent increase in toll road length compared to late 2013.

Most of Jasa Marga's toll roads are situated in - or around - the Greater Jakarta area in West Java, Indonesia's most densely populated area. The company also operates toll roads in East Java, Central Java, North Sumatra and Bali.

Jasa Marga's Toll Road Network (2017):

Operational Highlights Jasa Marga:

	2009	2010	2011	2012	2013	2014	2015	2016
Toll Roads Length (kilometer)	531	531	545	554	560	561	575	593
Toll Road Concession Rights (kilometer)				738	738	799	987	1,260
Traffic Volume Transaction (billion vehicles)	0.92	0.96	1.09	1.20	1.26	1.32	1.38	1.06
Average Daily Traffic (million vehicles)	2.5	2.6	3.0	3.3	3.5	3.6	3.8
Average Daily Toll Revenue (billion IDR rupiah)	9.9	11.8	13.3	15.3	15.9	18.2	19.5	22.0

^{Source: Jasa Marga Annual Report 2016}

Financial Highlights Jasa Marga:

	2014	2015	2016	2017
Revenue	9,173	9,848	16,661	35,092
Gross Profit	3,689	4,127	4,856	5,308
Operating Income	3,072	3,477	4,166	4,648
Net Profit	1,421	1,466	1,889	2,200
EBITDA
Total Assets	31,858	36,725	53,500	79,193
Total Liabilities	20,433	24,356	37,161	60,833
Earnings per Share¹	209	216	277	303
Cash Dividend per Share¹	72	43	78
Total Revenue to Length of Toll Roads Ratio²	11.85	12.33	13.37

 

	2009	2010	2011	2012	2013
Revenue	3,692	4,379	6,486	9,070	10,271
Gross Profit				3,609	2,245
Operating Income	1,516	1,988	2,330	2,975	2,259
Net Profit	993	1,194	1,196	1,602	1,027
EBITDA	2,022.2	2,555.2	3,137.8	3,876.8
Total Assets	16,174	18,952	20,916	24,754	28,059
Total Liabilities	8,360	10,593	12,555	14,966	17,501
Earnings per Share¹	147	176	177	236	151
Cash Dividend per Share¹	87,91	105,69	78,88	94,24	79
Total Revenue to Length of Toll Roads Ratio²	6.84	8.11	8.89	10.24	10.36

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
² (billion IDR/km)
Source: Jasa Marga Annual Report 2016 & FY-2017 Financial Report}

Apart from adding toll roads length through tenders, Jasa Marga also obtains toll road concessions through acquisition as well as through unsolicited method. It may acquire new (potential) toll roads whose concession holders face obstacles in development of the project, in particular those located in major cities that have high economic value and are connected to the company's existing toll roads.

The lack of sufficient quality and quantity of infrastructure in Indonesia has been barring economic as well as social development to reach its full potential. The country's recent robust macroeconomic growth burdens on its infrastructure as it needs to absorb significantly increased economic activity. A lack of investments caused the country's infrastructure not able to grow along with economic activity. The government is aware of the need for huge investments in the country's infrastructure but up to the present there has been more planning than much-needed action. On the positive side, it means that Indonesia's infrastructure sector has much room for growth and Jasa Marga is one of the companies that can play a prominent role in the development process, particularly due to its close connection to the government.

Projection Jasa Marga's Future Corporate Earnings:

	2018	2019	2020F	2021F	2022F
Net Revenue	9,784.0	10,984.0	10,602.0	13,037.0	14,274.0
EBITDA	6,037.0	6,959.0	6,629.0	7,912.0	8,689.0
Net Profit	2,203.0	2,207.0	838.0	1,857.0	1,885.0
P/E Ratio (x)	12.1	12.1	29.7	13.4	13.2
P/BV (x)	1.6	1.3	1.3	1.2	1.1

^{in billion IDR, unless otherwise stated
Source: Danareksa Sekuritas (01.10.2020)}