OTCPK:PTJS.Y

Stock Analysis Report

Executive Summary

PT Jasa Marga (Persero) Tbk develops, constructs, operates, manages, and maintains toll roads in Indonesia.

Rewards

PE ratio (18.5x) is below the US market (18.9x)

Earnings are forecast to grow 7.92% per year

Risk Analysis

Interest payments are not well covered by earnings

Large one-off items impacting financial results



Snowflake Analysis

Questionable track record unattractive dividend payer.

Share Price & News

How has Jasa Marga (Persero)'s share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PTJS.Y has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

0%

PTJS.Y

-0.3%

US Infrastructure

1.2%

US Market


1 Year Return

n/a

PTJS.Y

-2.4%

US Infrastructure

24.2%

US Market

Return vs Industry: Insufficient data to determine how PTJS.Y performed against the US Infrastructure industry.

Return vs Market: Insufficient data to determine how PTJS.Y performed against the US Market.


Shareholder returns

PTJS.YIndustryMarket
7 Day0%-0.3%1.2%
30 Day0%5.5%3.5%
90 Day0%16.7%11.7%
1 Yearn/a4.4%-2.4%26.9%24.2%
3 Yearn/a-36.9%-50.5%53.0%43.2%
5 Yearn/a-5.4%-36.6%75.3%56.0%

Price Volatility Vs. Market

How volatile is Jasa Marga (Persero)'s share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Jasa Marga (Persero) undervalued compared to its fair value and its price relative to the market?

18.5x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PTJS.Y ($7.98) is trading above our estimate of fair value ($1.1)

Significantly Below Fair Value: PTJS.Y is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PTJS.Y is poor value based on its PE Ratio (18.5x) compared to the Infrastructure industry average (12.3x).

PE vs Market: PTJS.Y is good value based on its PE Ratio (18.5x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: PTJS.Y is poor value based on its PEG Ratio (2.3x)


Price to Book Ratio

PB vs Industry: PTJS.Y is overvalued based on its PB Ratio (2.3x) compared to the US Infrastructure industry average (1.1x).


Next Steps

Future Growth

How is Jasa Marga (Persero) forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

7.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PTJS.Y's forecast earnings growth (7.9% per year) is above the savings rate (2.7%).

Earnings vs Market: PTJS.Y's earnings (7.9% per year) are forecast to grow slower than the US market (14.3% per year).

High Growth Earnings: PTJS.Y's earnings are forecast to grow, but not significantly.

Revenue vs Market: PTJS.Y's revenue (3.2% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: PTJS.Y's revenue (3.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PTJS.Y's Return on Equity is forecast to be low in 3 years time (11.3%).


Next Steps

Past Performance

How has Jasa Marga (Persero) performed over the past 5 years?

14.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PTJS.Y has a large one-off gain of IDR988.6B impacting its June 30 2019 financial results.

Growing Profit Margin: PTJS.Y's current net profit margins (6.9%) are higher than last year (5.5%).


Past Earnings Growth Analysis

Earnings Trend: PTJS.Y's earnings have grown by 14.2% per year over the past 5 years.

Accelerating Growth: PTJS.Y's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PTJS.Y had negative earnings growth (-0.6%) over the past year, making it difficult to compare to the Infrastructure industry average (3.5%).


Return on Equity

High ROE: PTJS.Y's Return on Equity (9.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Jasa Marga (Persero)'s financial position?


Financial Position Analysis

Short Term Liabilities: PTJS.Y's short term assets (IDR11,326.3B) do not cover its short term liabilities (IDR36,376.2B).

Long Term Liabilities: PTJS.Y's short term assets (IDR11,326.3B) do not cover its long term liabilities (IDR31,925.9B).


Debt to Equity History and Analysis

Debt Level: PTJS.Y's debt to equity ratio (156.5%) is considered high.

Reducing Debt: PTJS.Y's debt to equity ratio has increased from 115.4% to 156.5% over the past 5 years.

Debt Coverage: PTJS.Y's debt is not well covered by operating cash flow (2.6%).

Interest Coverage: PTJS.Y's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet

Inventory Level: PTJS.Y has a low level of unsold assets or inventory.

Debt Coverage by Assets: PTJS.Y's debt is not covered by short term assets (assets are 0.3x debt).


Next Steps

Dividend

What is Jasa Marga (Persero)'s current dividend yield, its reliability and sustainability?

1.38%

Current Dividend Yield


Dividend Yield vs Market

company1.4%marketbottom25%1.4%markettop25%3.7%industryaverage3.2%forecastin3Years1.1%

Current dividend yield vs market & industry

Notable Dividend: PTJS.Y's dividend (1.38%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: PTJS.Y's dividend (1.38%) is low compared to the top 25% of dividend payers in the US market (3.66%).


Stability and Growth of Payments

Stable Dividend: PTJS.Y's dividend payments have been volatile in the past 10 years.

Growing Dividend: PTJS.Y's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PTJS.Y's dividends in 3 years are forecast to be well covered by earnings (18.8% payout ratio).


Next Steps

Management

What is the CEO of Jasa Marga (Persero)'s salary, the management and board of directors tenure and is there insider trading?

1.6yrs

Average management tenure


CEO

Desi Arryani (57yo)

3.1yrs

Tenure

Rp3,201,407,575

Compensation

Ms. Desi Arryani, Ir. & MM, serves as President Director of Pt Jasa Marga (Persero) Tbk since August 29, 2016 and also serves as its Director. ms. Arryani served as Operation I Director at PT Waskita Kary ...


CEO Compensation Analysis

Compensation vs Market: Desi's total compensation ($USD0.00) is below average for companies of similar size in the US market ($USD4.99M).

Compensation vs Earnings: Insufficient data to compare Desi's compensation with company performance.


Management Age and Tenure

1.6yrs

Average Tenure

49yo

Average Age

Experienced Management: PTJS.Y's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Age and Tenure

2.5yrs

Average Tenure

54.5yo

Average Age

Experienced Board: PTJS.Y's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Mohammad Sofyan (48yo)

    Business Director & Director

    • Tenure: 2.5yrs
    • Compensation: Rp1.78b
  • Desi Arryani (57yo)

    President Director

    • Tenure: 3.1yrs
    • Compensation: Rp3.20b
  • Alex Denni (51yo)

    Director of Human Resources & General Affairs and Director

    • Arief Nursetiawan

      Head of Internal Audit

      • Subakti Syukur (56yo)

        Director of Operation

        • Tenure: 3.1yrs
        • Compensation: Rp2.91b
      • Donny Arsal (49yo)

        Director of Finance & Director

        • Compensation: Rp1.78b
      • Siti Sarah (49yo)

        Accounting & Tax Group Head

        • Agung Pranata (32yo)

          Legal & Compliance Group Head

          • Dwimawan Santoso (51yo)

            Corporate Communication & Community Development Group Head

            • Tenure: 0.7yrs
          • Eka Adrianto (35yo)

            Corporate Finance Group Head

            • Tenure: 0.7yrs

          Board Members

          • Mohammad Sofyan (48yo)

            Business Director & Director

            • Tenure: 2.5yrs
            • Compensation: Rp1.78b
          • Desi Arryani (57yo)

            President Director

            • Tenure: 3.1yrs
            • Compensation: Rp3.20b
          • Ricky Distawardhana (54yo)

            President Director of PT Jalantol Lingkarluar Jakarta

            • Tenure: 2.5yrs
          • Alex Denni (51yo)

            Director of Human Resources & General Affairs and Director

            • Roy Darwis (45yo)

              President Director of PT Jasa Layanan

              • Tenure: 4.1yrs
            • Sari Purnawarman (55yo)

              President Director of PT Jasamarga Pandaan Tol

              • Tenure: 2.4yrs
            • Raden Kristianto (57yo)

              President Director of PT Marga Lingkar Jakarta

              • Tenure: 1.7yrs
            • Subakti Syukur (56yo)

              Director of Operation

              • Tenure: 3.1yrs
              • Compensation: Rp2.91b
            • Donny Arsal (49yo)

              Director of Finance & Director

              • Compensation: Rp1.78b
            • Adrian Priohutomo (56yo)

              Director of Business Development & Director

              • Tenure: 0.7yrs

            Company Information

            PT Jasa Marga (Persero) Tbk's company bio, employee growth, exchange listings and data sources


            Key Information

            • Name: PT Jasa Marga (Persero) Tbk
            • Ticker: PTJS.Y
            • Exchange: OTCPK
            • Founded: 1978
            • Industry: Highways and Railtracks
            • Sector: Transportation
            • Market Cap: Rp41.007t
            • Listing Market Cap: Rp2.915b
            • Shares outstanding: 7.26b
            • Website: https://www.jasamarga.com

            Number of Employees


            Location

            • PT Jasa Marga (Persero) Tbk
            • Plaza Tol Taman Mini Indonesia Indah
            • Jakarta
            • 13550
            • Indonesia

            Listings

            TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
            JSMRIDX (Indonesia Stock Exchange)YesSeries B SharesIDIDRNov 2007
            PTJS.FOTCPK (Pink Sheets LLC)YesSeries B SharesUSUSDNov 2007
            0JMDB (Deutsche Boerse AG)YesSeries B SharesDEEURNov 2007
            PTJS.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDMar 2012

            Biography

            PT Jasa Marga (Persero) Tbk develops, constructs, operates, manages, and maintains toll roads in Indonesia. The company also offers toll road service, such as transaction services, traffic services, and road construction services. It operates 11 toll roads. PT Jasa Marga (Persero) Tbk was founded in 1978 and is headquartered in Jakarta, Indonesia. 


            Company Analysis and Financial Data Status

            All financial data provided by Standard & Poor's Capital IQ.
            DataLast Updated (UTC time)
            Company Analysis2019/09/23 00:55
            End of Day Share Price2019/06/25 00:00
            Earnings2019/06/30
            Annual Earnings2018/12/31


            Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.