The large-scale social restrictions (PSBB) curb nationwide economic activities—the toll-road business sector in particular. The toll-road traffic showed a higher-than 40% decrease, and the bleak prospect of downbeat revenues for toll-road operators is unavoidable. Toll-road operators engaged in toll road concession, namely the toll-road business entity (BUJT) hope for fiscal policies and COVID-19 relief measures to sustain cash flow performance and maintain asset-backed loans. The relief measures are shields for BUJT-listed operators’ liquidity against corona’s severe threats. NHKSI recommends JSMR with the price target of IDR4,450 based on a 19.2x forward P/E on the basis of its 3Q19’s margins growth and to-date positive cash flow performance. We are sanguine that the Company’s is pretty agile to re-accelerate its revenue growth upon the end of corona’s vicious spread.

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