Tag: CMNP

Revisiting Citra Marga Nusaphala

President Joko ‘Jokowi’ Widodo is scheduled to inaugurate commercial operation of Section I of the long-delayed Depok-Antasari toll road Thursday (Sep 27) afternoon. The toll road will hopefully ease traffic congestion between Jakarta and Depok, a fast growing city in West Java. This might also boost outlook of Citra Marga Nusaphala (CMNP), the controlling shareholder.

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Improved Infrastructure Outlook

After years of waiting, the Depok-Antasari toll road connecting suburban areas and Jakarta Outer Ring Road (JORR) is scheduled for trial operation in the coming weeks. In the meantime, broader support from the community will likely see trial operation of New Yogyakarta International Airport (NYIA) in the second quarter of 2019.

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Fund Raising

Property firm Bumi Serpong Damai (BSDE) plans to divest 13.78% shares of PT Plaza Indonesia Realty (PLIN) to PT Plaza Indonesia Investama (PII), a special purpose company for Real Estate Investment Trusts (REUTs) initiated by PLIN. PII will buy 932.71 million PLIN shares from BSDE at the price of Rp1.83 trillion. Per May 2018, BSDE held 40.03% PLIN shares. PII also plans to buy shares of PT Sarana Mitra Investama from PLIN, PT Grande Amarta, and PT Buana Graha.

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Investment Update

State-owned construction firm Wijaya Karya (WIKA) and toll road operator Citra Marga Nusaphala Persada (CMNP) will jointly work on elevated toll road project connecting Harbour Road Ancol to Pluit with investment cost of Rp11 trillion. The said project (7 km length) will start by the end of this year.

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Fund Raising & Corporate Actions

State-owned electricity firm Perusahaan Listrik Negara (PLN) has on May 16, 2018 issued global bonds worth US$2 billion and the offering was oversubscribed by 3.65 times. The bonds has tenor of 10 years and 30 years carrying annual coupon rates at 5.45% and 6.15%. The bonds aim for reducing refinancing risk (liquidity management) and for debt re-profiling, to buy back PLN’s global bonds issued in 2007 and 2009 which will be due in August 2019 (with 8% coupon rate), January 2020 (7.75%), and June 2037 (7.87%). PLN global bonds is listed on Singapore Stock Exchange (SGX).

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FY17 Results: Trada Minera & Citra Marga

Trada Alam Minera (TRAM), the new name for Trada Maritime, booked a net profit of US$294,480 in 2018, against loss of US$19.8 million in 2016. Revenues only rose 5.5% to US$38.65 million last year. But it booked other income of US$7.17 million, against loss of US$6.84 million in 2016. TRAM also recorded foreign exchange (forex) gain of US$2.59 million (US$347,252 only in 2016).

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Aga Bakrie & Ling Ling

Hotel Mulia, Jakarta was packed by over 6,000 people attending the wedding party of Aga Bakrie and Ling Ling Sunday (Feb 11) evening. Businessmen, cabinet members, and politicians were seen in the Grand Ballroom, highlighting broad network and connections of the parents of the bride and groom.

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Results: Lippo Karawaci & Citra Marga

Property developer Lippo Karawaci (LPKR) booked a net profit of Rp864.2 billion in Jan-Sep 2017 period (9M), declined 13.4% from Rp998.5 billion in the corresponding period of 2016 due to higher cost of revenue. Revenue increased 1.5% to Rp7.37 trillion, while cost of revenue rose 4.6% to Rp4.3 trillion.

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Revisiting CMNP

Toll road developer and operator Citra Marga Nusaphala Persada (CMNP) is currently valued at equity, and gaining only 5% since December 2016 despite consistent growth of EBITDA from Rp575 billion in 2013 to Rp886 billion last year. Jasa Marga (JSMR), for a comparison, is now valued 2.3 x equity, and gaining 32.5% since December 2016.

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Harvesting Time: Java Toll Roads

Financials of toll road developers and operators are slated to improve significantly next year with commercial operation of new toll roads, especially those in the populated areas of Java Island. Citra Marga Nusaphala Persada (CMNP), for example, will soon harvesting from Soreang-Pasir Koja toll road in Bandung, West Java.

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Revisiting CMNP

Toll road developer and operator PT Citra Marga Nusaphala Persada (CMNP) Tbk is among top losers this year despite its relatively strong performance. CMNP share has lost 33% year-to-date to make a market capitalization of Rp4.5 trillion only. It is valued only at par its equity and traded with PE multiple 8, way below peers and overall market.

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Toll Road Projects Update (2): Trans-Java

Cement consumption in Java grew only 1.3% in the first eight months of 2016, but Central Java and East Java reported strong growth of 11.6% and 6.3% respectively. This might be related to faster development of toll roads in Central and East Java plus other infrastructure projects, including power plants and industrial estates.

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