JSMR UPDATE 2024
Corporate Presentation
October 2024
Company Profile
Company Profile
Jasa Marga's Overview and Main of Business
JSMR Key Information
Ticker | Indonesian Stock Exchange: | |
JSMR | ||
IPO Date | 12 Nov 2007 | |
Share Price* | IDR4,930 (USD0.331) | |
Market Cap* | IDR35.8T (USD2.4B1) | |
Shareholders | Government of Indonesia: 70% | |
Public: 30% | ||
Total | 7,949 (as of 31st Dec 2023) | |
Employee | ||
Business | • | Toll Road Concession |
• | Toll Road Operation | |
Lines | ||
• | Prospective Business | |
*Date as of 30th September 2024
Company Credit Ratings
idAA/Stable
For PT Jasa Marga (Persero) Tbk and Jasa Marga Shelf Registration Bonds II Phase I Year 2020
JSMR - 3 Line of Business
Toll Road Concession | Operations |
Business Line | Business Line |
36 | |
Toll Road | Provide operation services for |
Concessions | |
±1,446 km | |
13 Mature Toll Roads | of toll road in Indonesia |
23 New Toll Roads | |
Provide maintenance services | |
±1,736 km | for |
±1,111 km | |
of toll road in Indonesia |
1) USD/IDR exchange rate of 15,138/USD based on Bank Indonesia middle rate as of 30th September 2024
Prospective
Business Line
Managing 27 rest area
Building management, advertising and renting out land along toll road corridors
Developing Transit
Oriented Development
(TOD) / Toll Corridor
Development (TCD)
3
Company Toll Road Network
JSMR's Toll Road Concession Business Portfolio Spreads Across Indonesia
Jasa Marga has 36 toll road concessions covering 1,736 km and operates 1,286 km of toll roads. Jasa Marga's business spans across Indonesia, where most of the toll roads are already connected, creating a positive impact on connectivity. Additionally, the majority of the toll roads are located on Java Island.
North Sumatera
- Belmera : 42.7
- Medan-Kualanamu-TebingTinggi : 61.7
Greater Jakarta
• Jakarta-Tangerang :33.0 |
• Prof. Dr. Ir. Soedijatmo : 14.3 |
• Cengkareng-Batuceper-Kunciran :14.2 |
• Kunciran-Serpong :11.2 |
• Serpong-Cinere :10.2 |
• Jakarta Inner Ring Road: 23.4 |
• Jakarta Outer Ring Road (JORR) E1, E2, E3, and |
W25 : 28.3 |
East Kalimantan | ||
• | Balikpapan-Samarinda :97.3 | North Sulawesi |
• Manado-Bitung :39.8 |
Bali
• Nusa Dua-NgurahRai-Benoa :9.7
Central Java
(in kilometer)
JSMR Toll Road Length by Region
Outside
• | JORR W2 Utara : 7.7 |
• | Ulujami-Pondok Aren : 5.6 |
• | Jagorawi : 59.0 |
• | Bogor Ring Road : 13.3 |
• Jakarta-Cikampek II Selatan : 62.0 | |
• Jakarta-Cikampek :83.0 | |
• Jalan Layang MBZ : 38.0 |
• Batang-Semarang :74.9 | East Java |
- Semarang Seksi ABC : 24.8
• Semarang-Solo :72.6 | • Surabaya-Mojokerto :36.3 | Legend | |
• Solo-Ngawi :91.1 | • | Surabaya-Gempol :49.0 | |
: Fully Operated | |||
• Ngawi-Kertosono-Kediri :114.9 | • | Gempol-Pasuruan :34.1 | |
• | Yogyakarta-Bawen :75.8 | • Gempol-Pandaan :13.6 | : Partially Operated |
• | • | Pandaan-Malang :38.5 | |
Java 15%
Greater
Jakarta
23%
West Java
- Cikampek-Padalarang :58.5
- Padalarang-Cileunyi :64.4
- Palimanan-Kanci :26.3
- Akses Patimban : 37.1
Yogyakarta-Solo :96.6 | : In Land Acquisition and Construction |
• Probolinggo-Banyuwangi :175.9 |
Java Exclude
Greater
Jakarta
62%
4
Industry Overview
Toll Road Industry at a Glance
Long-term Investment Business Characteristic with Solid Revenue Stream
Toll Road Concession Business Characteristics
Source of Funding for Toll Road Projects
New Investment Source of Funding
30%
Equity Injection
from Shareholders
70%
External Financing
• For greenfield project financing will use credit facility
• For brownfield project, financing scheme can be switch from credit facility to capital market / refinancing
- High investment cost (USD 16-26 million/km);
- Negative cash flow at beginning period (the first 5-10 years);
- Payback Period usually in 15-25 years;
- Solid revenue stream.
Ways to Acquire Toll Road Concession Agreement
TenderAcquisitionUnsolicited
Initiator: PUPR/BPJT | Initiator: JSMR |
- USD/IDR exchange rate of 15,138/USD based on Bank Indonesia middle rate as of 30th September 2024.
6
Toll Road Industry at a Glance
Supportive Indonesian Toll Road Regulation, Maintaining Investment Climate Conduciveness
Regulator Structure
Body | Role |
Commercially Supportive Regulations
Government of Indonesia
Concession Model
• | Long-term, 35 to 50 year, |
depends on characteristic of | |
each project, investment cost, | |
and location. | |
• | JSMR toll road projects are |
financially feasible projects, | |
with expected project IRR | |
ranging between 12-13%. |
Land Acquisition
• The Government is responsible |
for land acquisition process. For |
land acquisition fund, it is borne |
by the government except for |
unsolicited projects. |
• Investors may provide bridge |
financing for accelerated land |
acquisition, with subsequent |
reimbursement by the |
government. |
Funding Scheme
Support
To ensure a project has an attractive rate of return, the Government provides support
through the Viability Gap Funding Governmwherent Support
(VGF) scheme, a portion of the construction costs is borne by the Government through the State Budget (APBN).
Ministry of State
Owned Enterprise
("MSOE")
Ministry of Public
Works & Housing
PT Jasa Marga (Persero) Tbk
- Ultimate shareholder
- Issuing law
- Issuing concession agreement
- Issuing toll road regulation (including tariff increase, minimum service standard)
- Develop and operate toll roads
• Traffic risk is fully borne by |
the investor. |
Service Level
Standard
Minimum Service Standard of toll road operations is stipulated by the Law and will be monitored every six months by the Toll Road Regulatory Agency of the Ministry of Public Works & Housing.
Tariff Increase
- As stipulated in the Law No 2/2022, toll road tariff shall be increased every two years in reference to regional inflation.
- To be entitled for regular tariff adjustment, toll road project should meet the Minimum Service Standards.
100% Electronic
Payment
• Regulation mandated cashless transaction in toll road
• This ensure accuracy of toll
Government Support
revenue collected, more efficient processing time leading to lower congestion, and security against revenue fraud/cash theft.
7
Performance Highlight
JSMR Share Price Performance & Shareholder Composition
Adding Value Through Managing Company's Fundamental Performance
Shareholder Composition
30 September 2024 | ||
Ownership | ||
No. of Shares | % | |
Ownership | ||
Government of Indonesia | ||
Dwi Warna Share | 1 | |
Share Seri B | 5,080,509,839 | 70.00% |
5,080,509,840 | 70.00% | |
Management | ||
Director and Commissioner | 1,983,800 | 0.03% |
Local | ||
Individual Domestic | 132,280,873 | 1.82% |
Institution Domestic | 635,273,070 | 8.75% |
Insurance | 297,904,584 | 4.10% |
Share Price Performance (1-Year)
3.51%
7,528
4,850
4,930 7,273
1.65%
*Date as of 30th September 2024
01/02/24 | 01/09/24 | 01/16/24 | 01/23/24 | 01/30/24 | 02/06/24 | 02/13/24 | 02/20/24 | 02/27/24 | 03/05/24 | 03/12/24 | 03/19/24 | 03/26/24 | 04/02/24 | 04/09/24 | 04/16/24 | 04/23/24 | 04/30/24 | 05/07/24 | 05/14/24 | 05/21/24 | 05/28/24 | 06/04/24 | 06/11/24 | 06/18/24 | 06/25/24 | 07/02/24 | 07/09/24 | 07/16/24 | 07/23/24 | 07/30/24 | 08/06/24 | 08/13/24 | 08/20/24 | 08/27/24 | 09/03/24 | 09/10/24 | 09/17/24 | 09/24/24 |
Foundation | 16,664,866 | 0.23% |
Koperasi | 205,181 | 0.00% |
Mutual Fund | 249,982,452 | 3.44% |
1,332,311,026 | 18.36% | |
Foreign | ||
Retail | 4,537,488 | 0.06% |
Institutional | 838,529,046 | 11.55% |
843,066,534 | 11.62% | |
7,257,871,200 | 100% | |
Source : KSEI (2024) |
JSMR JCI
Highlights
EPS1 | PE1 |
Rp 936.03 | 5.26 |
NAV2 | Price/NAV2 |
Rp 4,142.44 | 1.19 |
- Based on latest Audited Full Year results announcement, adjusted for the current number of shares. Price as of 30th September 2024.
- Based on net equity attributable to owners of parent entity stated in the latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares. Price as of 30th September 2024.
9
Financial Highlights 9M2024
Delivering Financial Performance Target
Total Revenue | (in trillion IDR) | Total Expenses | (in trillion IDR) | ||||||||||||||||
+17.53% | |||||||||||||||||||
+25.93% | |||||||||||||||||||
13.85 | |||||||||||||||||||
2.21 | 7.32 | ||||||||||||||||||
11.00 | 6.22 | ||||||||||||||||||
1.54 | |||||||||||||||||||
0.531) | +16.67% | ||||||||||||||||||
+11.21% | 11.64 | 1.32 | |||||||||||||||||
10.47 | |||||||||||||||||||
5.77 | |||||||||||||||||||
4.90 | +17.76% | ||||||||||||||||||
9M2023 | 9M2024 | ||||||||||||||||||
9M2023 | 9M2024 | ||||||||||||||||||
Revenue exclude RDPT Effect | RDPT Effect | Toll & Other Operating Expenses | SG&A Expenses | ||||||||||||||||
Cash & Non-Cash Portion | |||||||||||||||||||
Cost Structure - Cash | Cost Structure - Non-Cash | ||||||||||||||||||
(in trillion IDR) | Land & | ||||||||||||||||||
Building | |||||||||||||||||||
Tax | |||||||||||||||||||
Other 15% | |||||||||||||||||||
Expenses | Provision | ||||||||||||||||||
Non Cash, | 7% | HR Cost | Overlay | ||||||||||||||||
27% | |||||||||||||||||||
2.75 , 38% | 39% | ||||||||||||||||||
Cash, | Operating & | Amortization | |||||||||||||||||
Maintenance | & | ||||||||||||||||||
4.57 , 62% | |||||||||||||||||||
Cost | Depreciation | ||||||||||||||||||
39% | 73% | ||||||||||||||||||
9M2024 | 9M2024 | 9M2024 |
Corporate Action Effect
JSMR reconsolidated three trans java toll roads consists of Semarang-Batang (JSB), Solo- Ngawi (JSN) and Ngawi-Kertosono (JNK) toll roads after exercising the RDPT buyback option scheme in July 2023.
Revenue Growth
The reconsolidation of three trans java toll roads (JSB,JSN,JNK) and the most of several tariff adjustment happened since 1H2023 have already fully positive impacted for 9M24 revenue growth.
Lead Factors of Expenses Spending
Cash expenses and non-cash expenses grew by 9.47% and 33.89%, respectively.
- The toll and other operating expenses increased factors:
- The additional of three Trans Java toll roads' amortization (±274 bio).
- Higher cost of provision overlay due to the end of final hand over periods in several new toll roads.
- The SG&A expenses increased because the adjustment of HR expenses in 2024, which is indeed higher compared to last year and the reconsolidation effect of three trans java toll roads.
1) RPDT effect accumulated for 2 months. | 10 |