Kim Eng TP 4600 tuh. Entah time frame nya brp lama.
Kim Eng : Jasa Marga (BUY)‐ On a clear path We initiate coverage on Jasa Marga with a BUY recommendation and target price of Rp4,600 per share. In our view, the company represents the best proxy for investment in Indonesia without worrying about the country’s relatively high inflation (which actually works in Jasa Marga’s favour). The declining cost of capital is an added advantage, as the company will soon embark on a massiveexpansion plan that will require heavy external financing. Beneficiary of higher inflation. With Indonesia’s economy expected to post robust growth, it is possible that inflation will hover around 6% pa in the near term. But this should benefit Jasa Marga because the company is guaranteed a tariff adjustment based on the inflation rate. This privilege, coupled with a high degree of both operating and financial leverage, should fuel the company’s bottom line in the next few years. Land acquisition bill the panacea for infrastructure woes. Sincet h ecountry’s first infrastructure summit in 2004, development work has been crawling at a snail’s pace because of a lack of supporting regulation to address the main issue, namely, land acquisition. But this is set to change. The government has finalised the draft for the land acquisition bill and this will be tabled in Parliament for final approval. The bill will allowinfrastructure projects to proceed unhindered by any land acquisition dispute, effectively removing the major hurdle to infrastructure rollout. Fair value at Rp4,600; prospect is rock solid. The stock currently trades at 15.3x FY11F PER, which seems to be slightly demanding. However, we believe that Jasa Marga’s growth prospect is rock solid, with net income expected to grow at 13% CAGR over the next five years. Using 11.4% WACC, we arrive at a target price of Rp4,600; hence, our BUY recommendation Powered by Telkomsel BlackBerry® -----Original Message----- From: James Arifin <[email protected]> Sender: [email protected] Date: Wed, 27 Oct 2010 07:18:36 To: <[email protected]> Reply-To: [email protected] Cc: <[email protected]> Subject: Re: [saham] JSMR Beberapa hari yang lewat ada yang posting research satu institusi yang memberikan TP 4175 untuk 12 bulan ke depan. Dengan harga saat ini dan TP yang tipis untuk investasi 12 bulan ke depan, menurut saya nggak worthed lebih baik menunggu koreksi harga kecuali kalau tujuan bapak untuk investasi yah beda. 2010/10/26 Jonathan Abraham <[email protected]> > > > Boleh minta saran JSMR dong. Kalau masuk, TP berapa ya? > > >
