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Monday, September 19, 2011

Jasa Marga – Tariff increase already factored in

by Kim Eng Securities

We have factored in tariff increase for toll roads under Jasa Marga’s control into our forecast. We think the impact of potential delay in adjustment for Surabaya-Gempol and Palimanan-Kanci will be negligible for the company, and there is a chance that Jasa Marga can rectify the problems that damage service quality. We reiterate our HOLD recommendation and Rp4,325 TP for Jasa Marga, pegging the stock at 17.0x 2012F PER.

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