Jasa Marga (JSMR) - In-Line 9M10

Jasa Marga (JSMR)  – Maintain BUY
Price: Rp3,600 – Target Price: Rp3,700

In-line 9M10

  • JSMR’s 9M10 revenue and net profit grew by 22.5% and 30.7% YoY.
  • While on QoQ, revenue slightly up by 3.1% and net profit shed by 9.2%.
  • JSMR’s 9M10 in-line within expectation, accounted for 72-75% of FY estimate.
  • EBIT margin dropped by 10bps QoQ, while net margin only down by 1.7bps QoQ.
  • Operating costs surged by 24.6% QoQ on peaking labor costs.
  • JSMR is trading at ‘11F PE of 16.6x and EV/EBITDA of 10.7x. Maintain BUY.