JSMR UPDATE 2023
Corporate Presentation
February 2024
Company Profile
Company Profile
Jasa Marga's Overview and Main of Business
JSMR Key Information
JSMR - 3 Line of Business
Ticker | Indonesian Stock Exchange: | |
JSMR | ||
IPO Date | 12 Nov 2007 | |
Share Price* | IDR5,425 (USD0.351) | |
Transaction | 28,837,200 shares | |
Volume* | ||
Market Cap* | IDR39.4T (USD2.5B1) | |
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 29th February 2024
Company Credit Ratings
idAA/Stable
For PT Jasa Marga (Persero) Tbk and Jasa Marga Shelf Registration Bonds II Phase I Year 2020
Toll Road Concession Business Line
36
Toll Road
Concessions
13 Mature Toll Roads
23 New Toll Roads
±1,736 km
Operations
Business Line
Provide operation services for
±1,426 km
of toll road in Indonesia
Provide maintenance services for
±1,111 km
of toll road in Indonesia
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)
1) USD/IDR exchange rate of 15,673/USD based on Bank Indonesia middle rate as of 29th February 2024
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 1,264 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 |
East Kalimantan | |
• Balikpapan-Samarinda :97.3 | North Sulawesi |
• Manado-Bitung :39.8 |
Bali
• Nusa Dua-NgurahRai-Benoa :9.7
(in kilometer)
JSMR Toll Road Length by Region
W25 : 28.3 | |
• | 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 |
Central Java | |||
• Batang-Semarang :74.9 | East Java | ||
• Semarang Seksi ABC : 24.8 | • | Surabaya-Mojokerto :36.3 | |
• Semarang-Solo :72.6 | 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 |
Outside
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
Tender | Acquisition | Unsolicited |
Initiator: PUPR/BPJT | Initiator: JSMR |
1) USD/IDR exchange rate of 15,416/USD based on Bank Indonesia middle rate as of 29th December 2023
6
Toll Road Industry at a Glance
Supportive Indonesian Toll Road Regulation, Maintaining Investment Climate Conduciveness
Regulator Structue
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 (VGF) scheme,Governmwherenta Supportportion 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
2023
Performance Highlight
JSMR Share Price Performance & Shareholder Composition
Adding Value Through Managing Company's Fundamental Performance
Shareholder Composition
Share Price Performance (1-Year)
29 February 2024 | ||
Ownership | ||
No. of Shares | % | |
Ownership | ||
JSMR JCI
1.5
5,425 62.43%
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% |
1.3 | ||
1.13,340 | 7,316 | 6.61% |
06,862.9
Local | ||
Individual Domestic | 138,025,263 | 1.90% |
Institution Domestic | 637,227,161 | 8.78% |
Insurance | 232,446,476 | 3.20% |
Foundation | 11,433,466 | 0.16% |
Koperasi | 13,081 | 0.00% |
Mutual Fund | 251,921,348 | 3.47% |
0.7
0.5
*Date as of 29th February 2024
1,273,050,595 | 17.54% | |
Foreign | ||
Retail | 4,629,198 | 0.06% |
Institutional | 899,681,567 | 12.40% |
904,310,765 | 12.46% | |
7,257,871,200 | 100% | |
Source : KSEI (2024) |
Highlights
EPS1 | PE1 |
Rp 936.03 | 5.79 |
NAV2 | Price/NAV2 |
Rp 5,361.24 | 1.01 |
- Based on latest Audited Full Year results announcement, adjusted for the current number of shares. Price as of 29th February 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 29th February 2024.
9
2023 Performance Highlight
Successfully achieving the company's targets in all of business aspects
New Toll Road Concession
Akses Patimban (±37.05 km)
JSMR Market Share
Operate 1,264 km of toll roads across Indonesia
PT Astra Tol
Nusantara
9%CMNP
3%
WSKT | |||
9% | |||
JSMR | PT | ||
47% | Hutama | ||
Karya | |||
19% | |||
PT | |||
Nusantara | |||
Others | Infrastruktur | ||
2% | |||
2% | INA | ||
9% |
In terms of operated toll road length (km)
New Toll Road Operation Cinere-SerpongSection 2 (±3.64 km)
JMTO Market Share
Provide operation services for 1,426.2 km of toll roads (both JSMR's & Other Toll Road Company's) across Indonesia
Operated by | Operated |
Others | by JMTO |
47% | 53% |
Tariff Adjustment
Implemented in 21 toll roads
JMTM Market Share
Provide maintenance services for 1,110.9 km of toll roads (both JSMR's & Other Toll Road Company's) across Indonesia
Operated by JMTM 41%
Operated by
Others
59%
10
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Disclaimer
PT Jasa Marga (Persero) Tbk published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 05:24:04 UTC.