Elevator Pitch
I maintain my Neutral rating on Indonesia-listed toll road operator PT Jasa Marga (Persero) Tbk (PTJSY) (PTJSF) [JSMR:IJ].
Jasa Marga's toll road traffic volume saw a strong recovery on both a month-on-month and week-on-week basis in June 2020, with its current share price almost double that of its 52-week trough registered in late-March 2020. This suggests that the worst could be potentially over for Jasa Marga.
On the flip side, the FY2020 and FY2021 outlook for Jasa Marga is uncertain, considering a potential delay in new toll road construction, a smaller