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JSMR – Toll Road Segment Recovery Grows Faster

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Restu Pamungkas
Restu Pamungkas
Analyst - Telco, Tower, Toll Road, Poultry
Restu Pamungkas
Latest posts by Restu Pamungkas (see all)
  • ISAT – Waiting for Merger Realization - January 8, 2021
  • JSMR – Toll Road Segment Recovery Grows Faster - December 18, 2020
  • CPIN – Sales Begins to Recover - November 27, 2020

JSMR’s revenue improved during 3Q/20, with an increase of +45.3% QoQ. The toll road segment contributed 62.3% to the revenue, with a growth of 70.1% QoQ vs -45.5% in 2Q/20. We project that the toll segment revenue in 4Q/20 will grow limited due to the curbing of the Christmas and New Year holidays at the end of 2020.

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ISAT – Waiting for Merger Realization

08 Jan 2021

The cellular segment was one of the segments that recorded growth, while intense competition making the company's revenue in other segments decrease. The company's total revenue continued to grow 9.2% YoY, 3.1% QoQ in 9M20. On the other hand, the high employee and financial burden caused the company's net loss to jump 60.8% YoY to IDR457.5 billion vs IDR284.6 billion in 9M19.

BSDE – Margin Increases, Performance Recovers

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ACES – Gradual Recovery in Sales

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ACES showed improving profitability in 3Q20 despite the reimpose of large-scale social restriction. We expect ACES could deliver strong result for the coming quarter coupled with SSSG improvement due to high seasonal sales.

 

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