Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  INDONESIA STOCK EXCHANGE  >  PT Jasa Marga (Persero) Tbk    JSMR   ID1000108103

PT JASA MARGA (PERSERO) TBK

(JSMR)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Indonesian state firms lure foreign funds with share in future revenue

07/08/2017 | 07:27am EST
Cars pass through a new toll road Salatiga-Bawen section in Semarang

JAKARTA (Reuters) - Indonesian state firms are courting foreign pension funds by offering a share in future revenue from toll roads, power stations and other infrastructure projects, as part of a presidential drive to secure $10 billion (7.76 billion pounds) in additional inflows.

The state budget is not enough to fund President Joko Widodo's ambitious plan to expand infrastructure in Southeast Asia's biggest economy, a sprawling archipelago where the costs of moving goods around are among Asia's highest.

Widodo told Reuters this week that he had instructed ministers to market the country aggressively to investors, capitalising on Standard & Poor's May 19 upgrade of its credit rating to investment grade.

Indonesia is hoping to attract the likes of Canada Pension Plan, Japan's Government Pension Investment Fund (GPIF) and other institutional investors, Thomas Lembong, chairman of Indonesia's investment coordinating board, told Reuters.

"We can't just sit back and wait for people to come because competition to attract capital flows is ferocious," Lembong said. "Everything from toll roads to power plants to airports to ports should be securitised to capital markets."

Indonesian Finance Minister Sri Mulyani Indrawati told Reuters ahead of the G20 summit in Hamburg on Thursday that the government plans to securitise projects that are "already active and revenue-generating".

That way, pension funds will not be involved in "the nitty-gritty of the new project or a project already being built so they can see the risk in a much better way," she said.

Under a securitisation model, a company typically issues a trust-like investment structure that is backed by future revenue from a project or an asset, with investors earning a certain rate of return.

POSITIVE INITIAL RESPONSE

Indonesia's biggest toll road operator, PT Jasa Marga Tbk, has begun working to securitise about half of the 4 trillion rupiah ($298.4 million) in revenue expected over five years from a road linking Jakarta to cities in West Java province.

The securities - expected to offer annual returns of 8-9 percent over five years - have received a positive initial response from potential investors including pension funds, said Donny Arsal, Jasa Marga's finance director.

State-controlled electricity firm Perusahaan Listrik Negara (PLN) is issuing securities backed by the projected five-year income of 10 trillion rupiah from a power plant operated by its unit.

PLN [PLNEG.UL] decided on this new investment structure as it had already raised funds from bonds, bank loans and other sources, finance director Sarwono Sudarto said.

"There is already a limit to the existing models of funding," Sudarto said, adding that under asset securitisation, there is no transfer of ownership of its physical asset.

There's no guarantee the securitisation plans will succeed.

Andre Varian, a portfolio manager at BNI Asset Management, said the securities issued by state firms are relatively new in Indonesia and their returns are not much higher than those offered by other fixed-income assets.

The lack of liquidity in the domestic market may also deter foreign investors, Varian said. "Foreign demand would be very limited since there is no liquidity."  

Varian added, however, that liquidity may be boosted over time partly because domestic pension funds and insurance firms are required to have a certain portion of investments in government bonds or infrastructure-linked securities.

(Additional reporting by Thomas Escritt in Hamburg, John Chalmers and Fransiska Nangoy in Jakarta; Editing by Richard Borsuk and Jon Boyle)

By Cindy Silviana and Eveline Danubrata


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 0.32% 1.555 End-of-day quote.-0.32%
DEERE & COMPANY 0.14% 296.025 Delayed Quote.9.79%
PT JASA MARGA (PERSERO) TBK -1.83% 4830 End-of-day quote.4.32%
TBK CO., LTD. 0.68% 447 End-of-day quote.0.22%
All news about PT JASA MARGA (PERSERO) TBK
01/18Nomura Adjusts Jasa Marga Persero's Price Target to 7,000 Indonesian Rupiahs ..
MT
2020PT JASA MARGA (PERSERO) TBK : Ex-dividend day for final dividend
FA
2019JASA MARGA PERSERO TBK PT : International Jatiluhur Jazz Festival 2019 draws tho..
AQ
2019ADARO ENERGY TBK PT : 1st International Jatiluhur Jazz Festival 2019 kicks off i..
AQ
2019ADARO ENERGY TBK PT : 1st International Jatiluhur Jazz Festival brings World Jaz..
AQ
2019JASA MARGA (PERSERO) TBK PT : Ex-dividend day for final dividend
FA
2018Indonesian firms to sign pacts on $13.6 billion of infrastructure projects
RE
2018JASA MARGA PERSERO TBK PT : PT. JLJ's Press Conference on The 2018 Eid-al Fitr H..
PU
2018JASA MARGA (PERSERO) TBK PT : Ex-dividend day for final dividend
FA
2017JASA MARGA PERSERO TBK PT : Organizes Socialization Of Gratification Handling an..
PU
More news
Financials
Sales 2020 9 687 B 0,69 B 0,69 B
Net income 2020 510 B 0,04 B 0,04 B
Net Debt 2020 52 056 B 3,70 B 3,70 B
P/E ratio 2020 69,2x
Yield 2020 0,60%
Capitalization 35 056 B 2 486 M 2 489 M
EV / Sales 2020 3 624x
EV / Sales 2021 2 658x
Nbr of Employees 7 775
Free-Float 99,0%
Chart PT JASA MARGA (PERSERO) TBK
Duration : Period :
PT Jasa Marga (Persero) Tbk Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PT JASA MARGA (PERSERO) TBK
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Average target price 5 480,56 IDR
Last Close Price 4 830,00 IDR
Spread / Highest target 44,9%
Spread / Average Target 13,5%
Spread / Lowest Target -12,0%
EPS Revisions
Managers and Directors
NameTitle
Desi Arryani President Director
Sapto Amal Damandari President Commissioner
Subakti Syukur Operations Director
Donny Arsal Finance Director
Agus Sofian Group Head-Information & Technology
Sector and Competitors