Jasa Marga (JSMR) – Maintain BUY
Price: Rp3,600 – Target Price: Rp3,700
- 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.
- Jasa Marga (JSMR) 2 November 2010 (261 KiB)