PT Jasa Marga Tbk is a state-controlled toll road operator that constructs and provides toll road services. The company currently operates and manages 13 toll road concessions directly and nine more toll roads through its subsidiaries. Approximately 73 percent of total toll roads in Indonesia are operated by Jasa Marga, which makes this company the dominant player in Indonesia's toll road sector. The company targets business expansion through the construction of new toll roads.
|Industry Sector||Infrastructure, Utilities & Transportation|
|Industry Sub Sector||Toll Road, Airport, Harbor and Allied Products|
|Established||1 March 1978|
|Listed||12 November 2007|
|Listed Company Code||JSMR|
|Major Shareholders (>5%)||Government of Indonesia (70%)|
|Key Subsidiaries||Jalan tol Lingkar luar Jakarta
Marga Sarana Jabar
Trans Marga Jateng
Jasamarga Bali Tol
Stock Quote Jasa Marga - JSMR:
Jasa Marga's core business is to plan, build, operate and maintain toll roads in Indonesia. Up to the end of 2013, the company has 22 toll road concessions - with a total length of 545 kilometer - in operation and 193 kilometer of toll road that is expected to become operational between 2013 and 2016. Thus, at end 2016, Jasa Marga is expected to operate toll roads with a combined length of 738 kilometer, which implies a 35 percent increase in toll road length compared to late 2013.
Most of Jasa Marga's toll roads are situated in - or around - the Greater Jakarta area in West Java, Indonesia's most densely populated area. The company also operates toll roads in East Java, Central Java, North Sumatra and Bali.
Jasa Marga's Toll Road Network (2017):
Operational Highlights Jasa Marga:
|Toll Roads Length
|Toll Road Concession Rights
|Traffic Volume Transaction
|Average Daily Traffic
|Average Daily Toll Revenue
(billion IDR rupiah)
Source: Jasa Marga Annual Report 2016
Financial Highlights Jasa Marga:
to Length of Toll
to Length of Toll
in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
² (billion IDR/km)
Source: Jasa Marga Annual Report 2016 & FY-2017 Financial Report
Apart from adding toll roads length through tenders, Jasa Marga also obtains toll road concessions through acquisition as well as through unsolicited method. It may acquire new (potential) toll roads whose concession holders face obstacles in development of the project, in particular those located in major cities that have high economic value and are connected to the company's existing toll roads.
The lack of sufficient quality and quantity of infrastructure in Indonesia has been barring economic as well as social development to reach its full potential. The country's recent robust macroeconomic growth burdens on its infrastructure as it needs to absorb significantly increased economic activity. A lack of investments caused the country's infrastructure not able to grow along with economic activity. The government is aware of the need for huge investments in the country's infrastructure but up to the present there has been more planning than much-needed action. On the positive side, it means that Indonesia's infrastructure sector has much room for growth and Jasa Marga is one of the companies that can play a prominent role in the development process, particularly due to its close connection to the government.
Projection Jasa Marga's Future Corporate Earnings:
|P/E Ratio (x)||12.1||12.1||29.7||13.4||13.2|
in billion IDR, unless otherwise stated
Source: Danareksa Sekuritas (01.10.2020)
Plaza Tol Taman Mini Indonesia Indah
Jakarta - 13550
Phone: +62 21 841 3526
Fax: +62 21 840 1533