Tuesday, October 30, 2012
Jasa Marga
(JSMR.IJ, BUY) - At Cruising Speed
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In the absence of
one‐off
income, JSMR 3Q12 net profit fell 26.5% QoQ to IDR378b, still translating to
9M12 earnings growth of 39% YoY, on track to reach our full‐year
forecast.
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With higher contribution from the
construction division, 3Q12 operating margin contracted to 29% from 36% in 2Q12.
Nevertheless, core business of toll road operation continued to register stable
margin of 46%, bringing 9M12 consolidated operating profit to IDR2t, up 36%
YoY.
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With construction progressing at a
swift pace, we expect timely completion to underpin earnings going forward. This
coupled with tariff adjustment on major routes next year have caused us to
retain our BUY rating with TP of IDR6,800.
source: KIMENG dated 30 October 2012