PT Jasa Marga Tbk

jsmr

-1.41%

Overview

JSMR Overview

PT Jasa Marga (Persero) Tbk is an Indonesian-based company primarily engaged in the business of management, maintenance and development of toll roads. The Company's main business activities include conducting technical planning for construction, operation and/ or maintenance of toll road; organizes the land in toll road area (Rumijatol) and the land along the Rumijatol designated for vehicle rest area and service including the facilities and other businesses operating there either separately or in cooperation with other parties, and other activities. Its segments include tollroad business, operation, maintenance, related business, and other. Its toll road services include transaction, traffic, and road construction services. The Company operates approximately 13 toll roads, which are managed by its three regions, such as Regional Jasamarga Metropolitan Tollroad (RJMT), Regional Jasamarga Transjawa Tollroad (RJTT), and Regional Jasamarga Nusantara Tollroad (RJNT).

1.02.03.04.05.06.07.0ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: JSMR

Main
Market Cap.
IDR 38.10Trillion

~$2.38B USD

Industry
Transport Infrastructure Operator
Sub-Industry
Highways & Railtracks
Sector
Infrastructures

Valuation

JSMR Valuation Metrics

5,250

IDR
-1.4%

Closing Price on 2024-04-18

Price to Equity

5.61

P/E

At 5.61x P/E TTM, JSMR.JK is trading at a discount to its peers in the Transportation Infrastructure sector.

Price to Book

1.37

P/B

At 1.37x P/B TTM, JSMR.JK is trading at a premium to its peers in the Transportation Infrastructure sector (avg 1.1x).

Price to Sales

1.79

P/S

At 1.79x P/S TTM, JSMR.JK is trading in line with its peers in the Transportation Infrastructure sector.

Valuing PT Jasa Marga Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Transportation Infrastructure sector

Historical Price to Earnings

Other Valuation Metrics

Valuing PT Jasa Marga Tbk relative to other stocks in the Transportation Infrastructure sector

Price/Cash Flow
9.15x
Price/Forward Earnings
12.27x
Enterprise Value/Revenue
4.74x
Enterprise Value/EBITDA
9.03x
PEG Ratio
0.00x

Analyst Ratings

40
60
80
0
100

82.5

Undervalued

Fairly Valued

Overvalued

Last closing: IDR5,2502024-04-18
IDR 8,136.09

Considerably Higher Intrinsic Value: Analyst's intrinsic value is of JSMR is IDR8,136, which is 56% higher than JSMR's last closing price of IDR5,250 (as of 2024-04-18).

Valuation Recap of JSMR stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 5.61x is below the ID market average of 8.46x and is trading at a discount to peers in the Transportation Infrastructure sector (7.67x). In fact, less than 25% of its peers trade at a lower P/E ratio than JSMR.

High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 1.37x is similar to the peers average of 1.15x in the Transportation Infrastructure sector.

Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 1.79x is similar to the peers average of 1.79x in the Transportation Infrastructure sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of JSMR's valuation relative to its current sales and future earnings growth. JSMR trades at a Forward P/E ratio of 12.27x, which is considered fairly undervalued by analysts.

Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. JSMR's P/CF ratio of 9.15x is considered healthy by analysts.

Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. JSMR's EV/R ratio of 4.74x is considered a relatively high ratio The average EV/R ratio for the Transportation Infrastructure sector is 1.76x.

Medium
Considerably Higher Intrinsic Value: Analyst's intrinsic value is of JSMR is IDR 8,136.09, which is 56% higher than JSMR's last closing price of IDR 5,250.00.

Peers

JSMR Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
BRENPT Barito Renewables Energy Tbk.1,060.25T54.35T 9.22T 1.66T 637.21154.12
TLKMPT Telkom Indonesia (Persero) Tbk321.95T286.59T 149.22T 24.43T 13.182.37
ISATPT Indosat Tbk86.27T114.72T 51.23T 4.51T 19.142.81
PGEOPT Pertamina Geothermal Energy Tbk51.03T45.91T 6.29T 2.53T 20.141.67
MTELPT Dayamitra Telekomunikasi Tbk49.16T57.01T 8.59T 2.01T 24.451.44
SUPRSolusi Tunas Pratama Tbk44.51T9.89T 1.89T 1.13T 39.457.79
TOWRSarana Menara Nusantara Tbk40.09T68.42T 11.74T 3.25T 12.322.44
TBIGPT Tower Bersama Infrastructure Tbk39.05T46.97T 6.64T 1.56T 25.033.33
JSMRPT Jasa Marga Tbk38.10T129.31T 21.32T 6.79T 5.611.37
EXCLPT XL Axiata Tbk28.63T87.69T 32.32T 1.27T 22.521.09
Competitiveness Recap of JSMR stock
WeightNotesScore
High
At a market cap of IDR 38,103.82 billion, JSMR.JK ranks 9 in Market Cap out of 10 companies in the Infrastructures sector.

High
At a PE of 5.61, JSMR.JK ranks 10 out of 10 companies in the Infrastructures sector for P/E value. The average PE is 81.91 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Infrastructures. In this regard, it trails behind sector leaders such as PT Barito Renewables Energy Tbk. (637.21) in the Infrastructures sector.

Medium
At a PE of 5.61, JSMR.JK is trading at a lower PE than that of its subsector peers in Transportation Infrastructure (median of 7.67). A lower P/E value presents a potential value opportunity, but it might also indicate that the company is facing headwinds in its business.

Medium
At a revenue of IDR 21.32 trillion, JSMR.JK ranks 4 in Revenue out of 10 companies in the Infrastructures sector.

Medium
At a profit of IDR 6.79 trillion, JSMR.JK ranks 2 in Profit out of 10 companies in the Infrastructures sector.

Future

Future Growth of JSMR

Growth Forecasts

JSMR 2024 Revenue Growth
-17.4%
JSMR 2024 EPS Growth
-55.8%
Sector Revenue Growth
-17.4%
Transportation Infrastructure
Indonesia Market Growth
+7.6%
IDX overall growth
Transportation Infrastructure Sector Revenue Growth '24
-17.4%
Infrastructures Sector Revenue Growth '24
+6.2%

Sector Benchmark

Transportation Infrastructure companies in Indonesia are shrinking at a projected rate of -17.44% against the IDX average of +7.6%.

Transportation Infrastructure sector overview

JSMR Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of JSMR
WeightNotesScore
High
JSMR's projected growth rate of -17.44% is below the ID market average of 7.62%.

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Management

Executive Management

President Director

Subakti Syukur15.2 years
Fitri Wiyanti
Director
Mohamad Agus Setiawan
Director
Reza Febriano
Director
Bagus Cahya Arinta B.
Director
Pramitha Wulanjani
Director
NamePositionShares%
Bagus Cahya Arinta B.Director289,100< 0.01
Fitri WiyantiDirector316,500< 0.01
M. RoskanediCommissioner139,300< 0.01
Mohamad Agus SetiawanDirector281,900< 0.01
Pramitha WulanjaniDirector50,000< 0.01
Raja ErizmanCommissioner139,300< 0.01
Reza FebrianoDirector289,600< 0.01
Subakti SyukurPresident Director461,900< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

JSMR Ownership

Others
12.48%
Insiders
76.35%
Institutions
11.17%
NameNumber of SharesOwnership (%)Value
Republic Of Indonesia5,080,509,8407026,672.68B
Public (Scripless)2,174,393,76029.9611,415.57B
Public (Scrip)1,000,0000.015.25B
Subakti Syukur461,9000.012.42B

Largest Institutional Buy

AHAM Asset Management Berhad
Bought 31-12-2023
+4,194,600 shares
4D Infrastructure Pty Ltd
Bought 31-12-2023
+3,478,980 shares
FIL Fund Management Limited
Bought 31-12-2023
+3,146,975 shares

Largest Institutional Sell

Anima Sgr S.p.A
Sold 31-12-2023
-6,655,934 shares
Robeco Institutional Asset Management BV
Sold 31-12-2023
-1,791,500 shares
Bennelong Funds Management Ltd
Sold 31-12-2023
-1,620,280 shares

Institutional Transactions

Tracking institutional transactions buying / selling of JSMR stock