Jasa Marga, In growing phase, CLSA

JSMR remains our preferred pick in infra space. It booked a strong 11%
YoY growth in 1Q12 traffic. While we trimmed our earnings to reflect
changes in accounting booking and some increases in ex-labor costs,
margin will continue to expand on the back of operational leverage and
more automation. We raised or DCF-valuation to Rp8,950/sh reflecting
higher assumptions on tariff and traffic and the additional NusaDua
project. Our TP reflects 28% disc to this DCF-valuation.

COMPANY ALERT, Jasa Marga, Inflation hedge, Deutsche Bank

Higher inflation following fuel price hike
The government plans to increase fuel price from 1st April 2012 (subject to
Parliament's approval) in order to prevent the budget deficit from exceeding
the maximum threshold 3% of GDP (prescribed by the law) following global
oil price rise to >US$120/bbn. Based on Bank of Indonesia (BI)'s analysis,
they estimate that inflation could reach 7% post the fuel price hike with
base case assumption of Rp1,500 (+33%) increase in fuel price.

Jasa Marga, Only the Begining. CLSA

Jasa Marga is in the best position for infra boom in the future with the
potential implementation of the land bill. The company just signed a MoU
to be the sole operator for Trans Sumatra network, and may also get
three new toll road projects in North-East JORR2. We also highlighted
the power of connectivity which will boost IRRs of projects and our DCFvaluation
to Rp7,900/sh. Resilient traffic, future expansion, better cost
management and strong positioning remain its key success factors

Jasa Marga, Implementing regulation could be out soon, Deutsche Bank

Implementing regulation could be out soon
The implementing regulation draft on new land law was submitted to the
State Secretary last week. It is currently under review before being submitted
to the President for approval. Overall, we believe there is a high
probability that this regulation could be out soon (even in this month).