Jasa Marga (JSMR IJ): Stable core operations

Jasa Marga (JSMR IJ)
BUY / TP: IDR:5,330 (+48.8%)
Analyst: Chandra Pasaribu

Stable core operations
• Slightly ahead of expectation
• Deleveraging showing results
• New toll roads expected in late FY2026
• Re-iterate BUY – TP of IDR5,330