JAKARTA. PT Jasa Marga (Persero) Tbk (JSMR) obtained Rp 427.7 billion from the divestment of 8% of its ownership in the Semarang-Solo toll road.
Ebert Surya and Adrian Joezer, analysts from Mandiri Sekuritas, said the divestment value was closed at 7.7 times the Price to Book Value (PBV) in January-September (9M) 2019. This value is also equivalent to 2.3 times the initial investment spent by JSMR.
"After this transaction, the ownership of JSMR in the Semarang-Solo toll road declines to 50.91% from 58.91%," they said in their research.
Nevertheless, Mandiri Sekuritas slightly reduced JSMR's net profit projection by around 2% to 7% due to the adjustment of toll road traffic, as well as high bank loans.
JSMR's estimated profit decline was also caused by a number of delayed toll road projects. For example, the completion of the Jakarta-Cikampek (Japek) elevated toll road and Cinere-Serpong (KR) which were postponed until 2020. However, JSMR's net profit is expected to improve in 2021, supported by the increase in toll road traffic.
"We estimate JSMR's profit in 2019-2021 to reach Rp 2.2 trillion, Rp 1.5 trillion and Rp 1.9 trillion respectively," they said. (KR/AR)