Jalan Mulus Kinerja Jasa Marga, Sahamnya bisa Cuan 50%

SIARDAILY, Jakarta – Kinerja PT Jasa Marga Tbk (JSMR) diprediksi semakin mulus tahun ini seiring rencana perseroan untuk mendorong pertumbuhan jangka panjang melalui jalan tol baru. Kinerja yang prima, bakal turut mendongkrak harga saham JSMR menjadi Rp.7.600 dibandingkan posisi saat ini Rp 5.150 atau naik 50%.

Pada akhir tahun 2023, JSMR menyelesaikan puncak Seksi 2 Jalan Tol Cinere-Serpong sepanjang ±3,64 km. Pembangunan ini siap merevolusi konektivitas regional, khususnya di wilayah Jabodetabek.

Analis Sinarmas Sekuritas Michael Fillbery mengatakan, setelah beroperasi akan terintegrasi dengan jaringan jalan tol JORR 2, khususnya tol Cinere-Jagorawi. Saat ini, JSMR menerapkan pendekatan yang cerdas dalam akuisisi jalan tol, dengan fokus utama pada proyek-proyek di Pulau Jawa yang melengkapi jalan tol yang sudah ada.

“Menyongsong 2024, JSMR mengincar penyelesaian tiga proyek tambahan jalan tol, yakni Jakarta-Cikampek II Selatan (Seksi III) (31,25 km), Jogja Bawen Seksi 1 (8,25 km), dan Jogja-Solo (Seksi IA) (22,3 km),” ungkap Michael dalam riset terbaru.

Penekanan strategis ini menegaskan komitmen perusahaan untuk memperluas jaringan jalan tol dan memperkuat konektivitas, yang pada gilirannya diharapkan dapat meningkatkan volume lalu lintas dan pendapatan di seluruh jalan tol yang ada.

Setelah selesainya pembelian kembali Lintas Marga Jawa (LMJ), saat ini pendapatan jalan tol dari 3 ruas tol terkemuka (jalan tol Solo-Ngawi, Semarang-Batang, dan Ngawi-Kertonoso) mulai dikonsolidasikan pada pelaporan JSMR pada kuartal III-2023.

“Proses konsolidasi ketiga ruas tol tersebut dijadwalkan pada kuartal III-2023 dan akan berkontribusi 16% dari total pendapatan anak perusahaan pada tahun 2023, menurut pandangan kami,” ujar Michael.

Selain itu, divestasi JTT diperkirakan akan menghasilkan pendapatan besar yang berkisar antara Rp10-12 triliun, berdasarkan P/B konservatif 2,0-2,5 kali.

Pada Sembilan bulan 2023, JSMR berhasil menurunkan biaya keuangan sebesar 18.4% (YoY), terutama disebabkan oleh dekonsolidasi utang akibat divestasi jalan tol Jakarta-Cikampek pada 4Q22.

Selain itu, JSMR memperkirakan posisi WACD pada Desember 2023 masih terkendali, berkisar sekitar 6,69% ​​(dibanding 6,72% pada Juni 2023) karena meningkatnya pinjaman dengan suku bunga tetap.

Saat ini, JSMR telah menegaskan kembali panduan DER-nya sebesar 2,2-2,4 kali, dibandingkan dengan proyeksi analis sebesar 2,0 kali.

“Kami masih optimistis bahwa gearing rasio akan berada pada level yang baik seiring dengan potensi perolehan dana dari divestasi JTT,” jelas analis.

Yang mencakup pertumbuhan pendapatan jalan tol sebesar 16-18%, pertumbuhan EBITDA sebesar >15% (dibanding >10% di tahun 2023) Margin EBITDA berkisar antara 64-66%, ICR >2,0kali,  serta Gearing rasio sekitar 2,2 – 2,4 kali, dan perkiraan belanja modal investasi jalan tol maksimum per tahun sebesar Rp 8-10 triliun.

Analis melakukan revisi signifikan pada laba tahun 2023, karena adanya keuntungan bersih satu kali sebesar Rp4,1 triliun dari penyesuaian nilai wajar pada 3 ruas jalan tol yang dibeli kembali.

“Kami mempertahankan peringkat BELI pada JSMR dengan target harga Rp 12 juta yang lebih tinggi pada level Rp7.600 (dari sebelumnya Rp5.100), mencerminkan penilaian ulang secara bertahap, dengan kelipatan EV/EBITDA 2024 tersirat sebesar 8,4 kali,” tandas Michael.

52 thoughts on “Jalan Mulus Kinerja Jasa Marga, Sahamnya bisa Cuan 50%

  1. Hey there! I’m at work browsing your blog from my new apple iphone! Just wanted to say I love reading through your blog and look forward to all your posts! Keep up the outstanding work!

  2. Wonderful goods from you, man. I’ve understand your stuff previous to and you are just extremely magnificent. I actually like what you’ve acquired here, certainly like what you’re saying and the way in which you say it. You make it enjoyable and you still take care of to keep it wise. I can’t wait to read much more from you. This is actually a great website.

  3. Great ?V I should definitely pronounce, impressed with your web site. I had no trouble navigating through all the tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, web site theme . a tones way for your customer to communicate. Nice task..

  4. certainly like your website but you have to check the spelling on several of your posts. Several of them are rife with spelling problems and I to find it very troublesome to tell the truth on the other hand I will surely come back again.

  5. I have been exploring for a little bit for any high quality articles or blog posts in this sort of house . Exploring in Yahoo I ultimately stumbled upon this website. Studying this info So i¦m happy to convey that I’ve an incredibly just right uncanny feeling I discovered just what I needed. I so much certainly will make sure to don¦t overlook this website and provides it a glance on a relentless basis.

  6. Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! However, how can we communicate?

  7. hello there and thank you on your info – I have definitely picked up something new from proper here. I did then again experience a few technical issues the use of this web site, as I experienced to reload the web site a lot of occasions previous to I may get it to load correctly. I have been pondering if your web hosting is OK? Not that I am complaining, however sluggish loading circumstances times will sometimes impact your placement in google and can harm your high quality rating if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Anyway I am including this RSS to my email and can glance out for much more of your respective interesting content. Make sure you replace this again very soon..

  8. hello there and thank you for your info – I’ve certainly picked up anything new from right here. I did however expertise a few technical points using this site, since I experienced to reload the website lots of times previous to I could get it to load properly. I had been wondering if your web host is OK? Not that I’m complaining, but slow loading instances times will very frequently affect your placement in google and could damage your high quality score if ads and marketing with Adwords. Anyway I am adding this RSS to my e-mail and can look out for much more of your respective fascinating content. Ensure that you update this again soon..

  9. Hi there! This post couldn’t be written any better! Reading through this post reminds me of my previous room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thank you for sharing!

  10. The heart of your writing while appearing agreeable initially, did not sit very well with me after some time. Someplace throughout the paragraphs you managed to make me a believer but only for a short while. I however have a problem with your leaps in assumptions and you would do nicely to fill in all those gaps. In the event you actually can accomplish that, I would definitely end up being impressed.

  11. I believe this website has got some rattling wonderful info for everyone. “To be able to be caught up into the world of thought — that is being educated.” by Edith Hamilton.

  12. Only wanna comment on few general things, The website pattern is perfect, the subject material is rattling excellent. “If a man does his best, what else is there” by George Smith Patton, Jr..

  13. You actually make it seem so easy together with your presentation but I to find this matter to be really something that I feel I would never understand. It kind of feels too complicated and very large for me. I am having a look forward to your next submit, I will try to get the grasp of it!

  14. Oh my goodness! an amazing article dude. Thank you Nonetheless I’m experiencing problem with ur rss . Don’t know why Unable to subscribe to it. Is there anybody getting identical rss drawback? Anybody who knows kindly respond. Thnkx

  15. Hi there, simply was alert to your weblog via Google, and located that it’s truly informative. I’m going to watch out for brussels. I will be grateful for those who proceed this in future. Many other people will probably be benefited out of your writing. Cheers!

  16. of course like your web-site but you have to check the spelling on quite a few of your posts. Several of them are rife with spelling problems and I in finding it very bothersome to tell the truth on the other hand I’ll definitely come again again.

  17. you’re really a good webmaster. The web site loading speed is amazing. It seems that you’re doing any unique trick. Also, The contents are masterwork. you have done a fantastic job on this topic!

  18. I keep listening to the news update lecture about receiving free online grant applications so I have been looking around for the top site to get one. Could you tell me please, where could i get some?

Tinggalkan Balasan

Alamat email Anda tidak akan dipublikasikan. Ruas yang wajib ditandai *

Share via
Copy link