Do you know who made the toll from Jakarta-Bogor? When does that occur? Who is the one behind it?

Company Information

Cover of JSMR

PT Jasa Marga (Persero) Tbk (JSMR) is engaged in the highway system collecting tolls, maintains the road surfaces, and offers towing and ambulance services. Jasa Marga first established on 1 March 1978 after Jakarta-Bogor toll road finished. 70% of the company’s shares are owned by the Government of Indonesia. The current Commissioner in charge is Yuswanda Arsyad and Subakti Syukur as the President Director. JSMR IPO-ed on 12 November 2007 with initial price at IDR 1700/share. The underwriters are PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas.

Key Financial Statistics

Pictures provided.

JSMR Financial Statement
JSMR Financial Ratios

Highlights of 2020

  • July 2020 daily revenue got better by 11% month-on-month, the expected recovery in September 2020.
  • Tariff implementation for Japek Elevated II shall be finalized in Aug/Sep, and likely to use the integrated tariff scheme.
  • Net Profit of Q1-2020 IDR 106 B (-90% year-on-year) was below estimates.
  • Upcoming toll road in 2020, Serpong-Cinere toll road, and Cengkareng-Batuceper-Kunciran toll road.

Target Price

RHB ResearchBuy Rating5.250
Yuanta Securities InvestmentBuy Rating4.930
Indo Premier SecuritiesBuy Rating5.400
NomuraBuy Rating5.500
Ciptadana SekuritasBuy Rating4.700
DanareksaBuy Rating5.500
MacquarieBuy Rating5.400
Panin SekuritasHold Rating4.000
Mandiri SekuritasBuy Rating5.900
HopemityBuy Rating4.400
JSMR Target Price


PT Jasa Marga’s daily transactions are still at a low level compared to the highest volume on 29 May 2020, Less than 30 B compared to 180 B. The likelihood of going to IDR 3850/share is high. Collect little by little, before it became established at IDR 4400/share.

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