Saturday, May 7, 2011

PT Jasa Marga Tbk

by Kresna Securities

· Top line grew by 13.8% YoY to Rp1.2tr. The performance was boosted by 11.7% YoY higher traffic volume in 1Q11 to 254.1m vehicles as well as tariff increase on 2 toll roads in mid-2010. In addition, doubling other operating revenues to Rp36.0bn indicates the company’s ability to maximize its assets.
· Operating and net profit jumped by over 20% YoY. Operating profit increased by 23.3% YoY to Rp601.7bn due to lower joint operating expenses as well as flat toll road maintenance expenses. However, bottom line was more compelling by growing 27.4% YoY to Rp372.6bn on the back of lower net interest expense of 11.1% to Rp121.9bn.

· Solid traffic volume growth in 1Q11. Strong traffic volume growth of 11.7% YoY to 254.1m vehicles in 1Q11 amid inflation concern has confirmed our positive outlook on the counter. Traffic volume are increasing in all concessions except Purbaleunyi toll roads with the changed of transaction calculation due to the operation of Cikarang Utama toll gate.

· Road expansion on the pipeline. At the moment, the company is in the process of expanding toll concessions in Jagorawi, Jakarta-Tangerang and Padaleunyi concessions. Three of them are contributing around 31.8% to total revenue at the current period. The expansion programs will potentially reduce the congestion and increase traffic volume on the corresponding concessions onward.

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