VIVAnews - A research that PT CIMB-GK Securities Indonesia conducted concluded that the acquisition of four newest lanes of toll roads that PT Jasa Marga Tbk constructs is viewed positive as far as operational and financial perspectives are concerned.
The acquisition may improve the volume of toll roads users, provide operational efficiency and save costs. In addition, the acquisition may trigger volume growth because the toll roads are situated in a big city.
Analysis of CIMB-GK Securities Indonesia, Liliana S Bambang, said in his research publicized in Wednesday's edition, March 18, that the acquisition of three toll-road lanes of Cengkareng-Kunciran, Kunciran-Serpong and Jakarta Outer Ring Road W-1 contributes to 76 percent of Jasa Marga's income.
"The acquisition of Surabaya-Mojokerto toll-road lanes is also strategic because the lanes are connected to other toll roads belonging to Jasa Marga," he said.
He explained that the toll roads in Jakarta and its surrounding are loaded with heavy traffic. Average traffic volume reaches 232 thousand cars per day compared to those outside of Jakarta with 62 thousand cars per day.
With the acquisition as well as the construction plan of several toll road lanes, Jasa Marga toll road management will increase by 700 kilometers compared to the previous 500 kilometers in the next three to four years.
"In the future, Jasa Marga will focus on toll road operation instead of becoming an investor," he said. Jasa Marga will divest minor share release.
"We see that this is a positive measure because it gives more value to Jasa Marga," he said.
Per 30 September 2008, Jasa Marga still had reserves of Rp 3.4 trillion (US$284.07 million) from an initial public offering. The company may finance the acquisition from an internal cash.
However, if the company requires credit from any external party-an estimation of around Rp 10.5 trillion (US$877.05 million) to purchase land and construction-Jasa Marga may obtain it.
Therefore, CIMB-GK Securities Indonesia upgraded the ranking of Jasa Marga (JSMR) from neutral to outperform with targeted price of Rp 1,090 compared to the previous Rp 1,050.
"We apply DCF (discounted cash flow) method with the WACC (weighted average cost of capital) by between 13.2 and 13.7 percent. Should there be no development in the new toll road lanes, Jasa Marga would be valued at Rp 840 per share.
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Translated by: Bonardo Maulana Wahono
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