DOCSLIB.ORG

Indonesian Toll Roads NEUTRAL (Unchanged)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Indonesian Toll Roads NEUTRAL (Unchanged) Alpha Asiamoney's 2014 Asiamoney’s Southeast Asia 2013 Finance Asia's Sector flash 2013 2014 Best Best Domestic Best Best Domestic Research Call Equity House Equity House Equity House FMCG Sector 7 April 2015 Indonesian toll roads NEUTRAL (Unchanged) Bob Setiadi E-mail: [email protected] Phone: +6221 250 5081 ext. 3605 Policy updates Exhibit 1. Sector summary Code Ratings Share price +/- P/E EPS grwth . 4 SOEs to construct Trans-Sumatra toll-road sections: Upon obtaining CP TP (%) (x) (%) IDR3.6tn capital injection, Hutama Karya, a non-listed construction SOE, JSMR BUY 7,125 8,000 12.3 30.0 14.9 recently signed a toll-road concession agreement (PPJT) for the 17km Source: Bloomberg, Bahana estimates Based on closing prices on 7 April 2015 Medan-Binjai toll road, one of four Trans Sumatra toll-road sections (exhibit 8), assigned to Hutama Karya based on Presidential Decree No.100/2014. Exhibit 2. Inflation sensitivity to toll revenue Effect on toll-road revenue Inflation rate (%) The government plans to issue a new decree to form a consortium between 2015F 2016F Hutama Karya and three other listed SOEs (Jasa Marga, Waskita Karya and 11.0 2.0% 8.4% 12.0 2.2% 9.1% Wijaya Karya) to develop the Trans-Sumatra toll roads, utilizing the same 13.0 (base case) 2.4% 9.8% scheme that was successful in constructing the Bali Mandara toll road. While 14.0 2.6% 10.5% 15.0 2.8% 11.2% we support government’s plan to accelerate the Trans-Sumatra project, we Source: Bahana estimates; Note: Based on 2-year inflation are awaiting the announcement of the consortium agreements, as the adjustment Trans-Sumatra offers a relatively low IRR (7-17%) which could result in Exhibit 3. Summary of Law No.2/2012 financial losses for all four SOEs involved. Main points of land-acquisition process Share price Fair price determined through independent appraisal . Revisions to land-clearing processes; privates to fund acquisitions: +/- Land owner may chooseRatings to rej ect in court, but court Due to several issues with Law No.2/2012 on land-acquisition processes, the must make final decision within 30 days government has released Presidential Decree (PP) No.30/2015, with two After transaction process (normal) or by court verdict, project can commence main points: 1) Permitting private investors to fund land acquisitions which Re-settlement also an option would be reimbursed by the government once the land has been acquired; Government should carry out socialization far in advance (transparent) 2) Giving approval to the concession holders to continue land-clearing National Land Agency (BPN) is the only body process without using the new land-acquisition law, as long as agreement responsible for land acquisitions in the public interest Source: Jasa Marga letters on the construction sites (SP2LP) have been authorized by the local Exhibit 4. Toll-road sector relative to JCI government. We believe the government has included the first point of the (%) (%) new decree to accelerate the land-acquisition progress given the limitations 2 30 1.1 1 0.5 of annual land-clearing budget (2015: IDR5tn), while the second point 0.1 25 0 ytd 1M 3M 6M 9M 12M 20 would be to address complaints from concession holders who have been (1) hesitant to restart the land-clearing process for existing toll-road projects. (2) 15 (3) (1.9) 10 (4) Outlook: Maintain expectation of 13% toll-road tariff hike in 2015 5 (5) (4.6) (4.7) In accordance with the government’s regulation allowing toll-road tariff hikes (6) 0 every two years, the Indonesia Toll Road Authority (BPJT) plans to raise tariffs Toll roads-related sector relative to JCI for 18 toll-road sections (exhibit 6) in 2015. Despite Bahana having recently Source: Bloomberg, Bahana lowered our 2015 inflation target to 4.31% from 5%, we continue to expect Exhibit 5. Relative performance to JCI, ytd 2015 average toll-tariff increase of 13%, translating into 2.4% higher revenues (%) (%) 0 100 in 2015 and 9.8% in 2016 for the overall sector (exhibit 2). Meanwhile, on the JSMR SECTOR CMNP (1) issue of the 10% VAT implementation on toll-road tariffs, we expect the 80 (2) government to closely monitor Indonesia’s inflation figures, especially in 2H15, 60 (3) to determine whether to implement the new tax at the same time as the tariff 40 (4) hikes in 4Q15 or to push it back to 2016. 20 (5) (4.6) (4.6) (5.0) Recommendation: Reiterate sector NEUTRAL due to high capex (6) 0 While recent policy changes indicate government support for toll-road development, we retain our NEUTRAL rating as higher toll-road construction Source: Bloomberg, Bahana could pressure overall margins. On the company level, we retain a BUY on JSMR, particularly on ytd market underperformance (exhibit 4). Additionally, we expect stable earnings and JSMR’s defensive nature to shelter investors against rising policy risks in the market place. Risks are lower traffic volumes due to construction delays and lower-than-expected toll-road tariff hikes. Disclosure: Bahana Securities does and seeks to do business with companies covered in its research reports. Investors should consider this report as only a single factor in making their investment decision. Please see the important disclaimer information on the back of this report *Based on consensus’ recent changes ↑ (up), ↓ (down), ↔ (unchanged) Exhibit 6. Planned 2015 toll-road tariff hikes Date Toll-road section Length (km) 18 toll-road sections flagged 1 May Makassar section IV 11.6 by the BPJT for tariff hikes in 26 August Surabaya-Mojokerto section I 1.9 2015, mostly in 4Q15 18 September Bali Mandara 10.0 4 October Jakarta-Bogor-Ciawi 59.0 Jakarta-Tangerang 33.0 Jakarta Outer Ring Road 45.4 Padalarang-Cileunyi 64.4 Semarang section A,B,C 24.7 Surabaya-Gempol 49.0 Palimanan-Plumbon-Kanci 26.3 Cikampek-Purwakarta-Padalarang 58.5 Belawan-Medan-Tanjung Morawa 42.7 Serpong-Pondok Aren 7.3 Tangerang-Merak 73.0 Ujung Pandang phase I & II 6.0 Pondok Aren-Bintaro-Ulujami 5.5 28 November Jakarta Inner Ring Road 50.6 11 December Kanci-Pejagan 35.0 Total 603.9 % of total Indonesia toll roads 75.5% Source: Indonesia Toll Road Authority Exhibit 7. Trans-Java toll road, 1,200km 640km of additional roads planned for Trans Java toll- road Source: Bahana Exhibit 8. Trans-Sumatra toll road, 2,700km Length IRR Investment Sections Four Trans-Sumatra toll- (km) (%) (IDRtn) Lampung-Palembang 358 17 44 roads sections to be Palembang-Pekanbaru 610 13 95 Pekanbaru-Medan 548 16 64 constructed by Hutama Karya Medan-Banda Aceh 460 9 95 following capital-raising, Palembang-Bengkulu 303 9 63 Pekanbaru-Padang 242 11 35 starting with Medan-Binjai Medan-Sibolga 172 7 30 toll road Source: Detik.com Exhibit 9. Toll roads to be tendered, 2015 Total Length 274 km of toll roads to be Toll road Region investment Progress (km) (IDRtn) offered for tender by the Pasirkoja - Soreang West Java 10.6 1.89 In tender process Public Works Ministry in 2015 Serpong – Balaraja Banten 30.0 5.2 In tender process Pandaan - Malang East Java 37.6 3.99 Tender preparation Balikpapan - Samarinda East Kalimantan 99.0 11.40 Tender preparation Manado - Bitung North Sulawesi 38.7 4.16 Tender preparation Cileunyi – Sumedang - West Java 58.5 12.33 Tender preparation Dawuan Source: Indonesia Toll Road Authority Exhibit 10. Toll roads under concession agreements Length Investment No Toll roads Ultimate investors Current progress Construction for 11 toll roads (km) (IDRbn) 1 Cikampek - Palimanan 116.8 12,563 Plus Expressway, SSIA & Saratoga Construction currently underway, with 2 Ciawi - Sukabumi 54.0 7,775 MNC Group Construction IDR56tn in total investment 3 Bekasi - Cawang - Kampung Melayu 21.0 7,581 Waskita Karya Construction 4 Medan - Kualanamu - Tebing Tinggi 60.0 6,290 Jasa Marga Construction 5 Pejagan - Pemalang 57.1 5,518 Waskita Karya Construction 6 Kertosono - Mojokerto 40.5 3,480 Astra Group Construction 7 Surabaya - Mojokerto 36.3 3,379 Jasa Marga Construction 8 Depok - Antasari 21.5 3,000 Citra Marga Construction 9 Gempol - Pasuruan 34.2 2,769 Jasa Marga Construction 10 Cinere - Jagorawi 14.6 2,621 Gramedia Group Construction 11 Gempol - Pandaan 13.6 1,167 Jasa Marga Construction 12 6 Jakarta Inner City Toll-roads 69.8 40,310 DKI Jakarta City-owned Enterprises Land clearing 13 Waru Wonokromo - Tanjung Perak 18.2 11,110 Margaraya Jawa Tol Land clearing 14 Semarang - Solo phase II 72.6 8,144 Jasa Marga Land clearing 15 Semarang - Batang 75.0 7,214 MNC Group Land clearing 16 Solo - Ngawi 69.2 5,138 Thiess Contractors Land clearing 17 Cimanggis - Cibitung 25.4 4,524 Bakrie Group Land clearing 18 Cibitung - Cilincing 34.0 4,220 MTD Expressway Land clearing 19 Pemalang - Batang 39.2 4,077 Pejagan-Batang Tol Road Land clearing 20 Ngawi - Kertosono 49.5 3,832 Thiess Contractors Land clearing 21 Pasuruan - Probolinggo 31.3 3,551 MNC Group Land clearing 22 Cengkareng - Batu Ceper - Kunciran 14.2 3,507 Jasa Marga Land clearing 23 Kunciran - Serpong 11.2 2,623 Jasa Marga Land clearing 24 Serpong - Cinere 10.1 2,219 Thiess Contractors Land clearing 25 Bogor Ring Road section II & II 7.2 983 Jasa Marga Land clearing Source: Indonesia Toll Road Authority Research: +62 21 250 5081 Harry Su Teguh Hartanto [email protected] [email protected] Leonardo Henry Gavaza, CFA Arandi Nugraha Senior Associate Director [email protected] [email protected] Associate Director Head of Research Senior Research Manager Research Analyst Strategy, Consumer Deputy Head of Research Auto, Heavy equipment, Telco Coal, Metals, Oil & Gas ext 3600 Banks, Cement, Aviation ext 3608 ext 3619 ext
Load more

Recommended publications
  • JM Update FY 2016
    Jasa Marga Update FY 2016 1 List of Content 3 Company in Brief 9 Toll Road Industry in Indonesia 12 Jasa Marga’s Strategic Projects 18 Funding Strategy 22 Financial Highlights 2 I COMPANY IN BRIEF Proven Track Record in Indonesian Toll Road Business Leading toll road operator in Indonesia with 38 years of experience. Start 1978 1983 1984 1986 1987 1988 1990 1991 1998 2001 2003 2009 2011 2013 2014 2015 2016 Operation BORR (Section 2 & 3)(2) Jagorawi Cipularang JORR W2 North Surabaya- Padaleunyi Palikanci (4) (Section 1-4)(2) Gempol- Gempol (2) Jakarta- Surabaya- Pasuruan Ulujami- Bogor Outer Semarang Cikampek Ring Road Mojokerto Pondok Aren (Section 4)(2) Semarang- Belmera BORR Semarang-Solo Solo(2) Jakarta Outer (Section 1)(2) (Section 2)(2) Ring Road Cengkareng- Jakarta-Tangerang (2) (JORR) Gempol- Kunciran (2) Surabaya-Mojokerto Pandaan Kunciran-Serpong(2) Prof. Dr. Ir. (Section 1A)(2) Sedyatmo Jakarta Inner Surabaya-Mojokerto(2) Ring Road (JIRR) Toll Road (1) Semarang-Solo BORR Medan-Kualanamu- Concessions (2) Tebing Tinggi(2) (Section 1)(2) (Section 2A) Solo-Ngawi(2) Ngawi-Kertosono(2) Nusa Dua-Ngurah Rai-Benoa(2) Cinere-Serpong(2) Semarang-Batang(2) Pandaan-Malang(2) Balikpapan-Samarinda(2) Manado-Bitung(2) Jakarta-Cikampek II Elevated(2) Number of 1 2 4 6 7 8 9 10 11 12 13 14 16 17 18 19 19 31 Concessions Total Length (km) under Corresponding 59 84 131 223 246 329 394 437 463 469 527 531 544 554 576 590 593 1.260 Concessions(3) Note: (1) Jakarta Inner Ring Road (JIRR) is comprised of the Cawang-Tomang-Pluit concession granted to Jasa Marga and Cawang-Tanjung Priok-Pluit concession granted to CMNP.
    [Show full text]
  • Mapping and Payment on Tangerang to West Jakarta's Toll Road's Gate Using Non-Determenistic Finite State Automata
    Mapping and Payment on Tangerang to West Jakarta’s Toll Road’s Gate Using Non-Determenistic Finite State Automata Deka Primatio D.1, Farrel Irsyad F.2, Kharansyah Tawaddu S.3, M. Rizky Zaldi4, Raul Andrian5 {[email protected], [email protected] 2, [email protected], [email protected] 4, [email protected]} Faculty of Information and Technology, Universitas Multimedia Nusantara, Jl. Scientia Boulevard, Gading Serpong, Tangerang, Banten, Indonesia 15527 1,2,3,4,5 Abstract. In this research, the concept of Non-Deterministic Finite Automata is used for mapping and simulating the payment system for the Tangerang - West Jakarta toll road. Currently, toll road construction is being intensively developed, because it is one of the government's flagship programs, namely infrastructure development. Tolls in Indonesia apply a uniform fare system without priorit izing the calculation of vehicle mileage, the main disadvantage of this system is that it does not take into account the possibility of attracting users who travel short distances by making toll rate differences. Therefore, this study designed a mapping with payment system based on the calculation of the distance traveled by the vehicle from the toll gate in to the toll gate out. The implementation in the form of simulations is carried out using a raptor in the form of a conceptual and systematic flowchart program, and the simulation works effectively, starting from the balance scan to the suitability of the toll gate exit output and the distance traveled. The concept of Non -Deterministic Finite Automata can be a method for creating payment systems and mapping toll gate.
    [Show full text]
  • Townland Consultants
    EXAMPLES OF PROJECTS IN INDONESIA Project TCL Project Description Client Lead Duration Completed Ref. Consultant of Project (year) (months) Master Planning for IP9 TOWNLAND was commissioned to PT. Sumber TOWNLAND 1997 Town Centre undertake the Master Planning of an Mitrarealtindo Development (43 ha) in Innovative Commercial Mixed-Use Complex Kelapa Gading on a 43 ha Site. Post Evaluation of the IP10 Post-Evaluation of a Master Layout Plan for PT. Sumber TOWNLAND 1997 Master Layout Plan and Mitra Gading Apartments and preparation Mitrarealtindo Preparation of a of an alternative Concept Plan for a 12 Concept Plan for storey residential development on a 7 ha Residential Site. Development (7 ha) at Kelapa Gading, Jakarta Urban Design and IP13 TOWNLAND was commissioned to PT. Bakrieland TOWNLAND 1999 Coordination of Master undertake the Urban Design and Master Development, Planning for a 200 ha Planning for the Project, comprising a 200 Tbk New Town Development ha Site about 100 km from Jakarta. The New in Purwakarta Town comprises predominantly residential uses and supporting facilities. Future development includes a business park and a tertiary education facility. Landscape Design for IP4/4 TOWNLAND prepared an Innovative Golf PT. Pulo Mas TOWNLAND 2 2000 Golf Courts Proposal, Court Concept and Framework Landscaping Jaya Pulo Mas, East Jakarta to Golf Court, Driving Range and Ancillary Facilities. Master Layout Planning IP21 TOWNLAND prepared the Master Layout PT. Waringin TOWNLAND 5 2000 for Warehouse and Plan for a 13.5 ha Site within the 100 ha Pluit Multicipta Commercial District Distribution Centre in Northwest Jakarta. Master Plan (13.5 ha) in Uses include light industrial, warehousing Kapuk Kamal Raya, and supporting commercial facilities.
    [Show full text]
  • At Serenia Hills WELCOME to SERENIA HILLS
    INTRODUCING at Serenia Hills WELCOME TO SERENIA HILLS Your private sanctuary in South Jakarta, Serenia Hills is an established residential community located in the prestigious Lebak Bulus neighborhood. TO SENAYAN/ LRT SENAYAN TO SOEKARNO HATTA AIRPORT PASARAYA GANDARIA PLAZA CITY BLOK M TO HI CIRCLE VIA MRT MALL BLOK M SQUARE BLOK M GANDARIA BLOK M TRANS JAKARTA STATION TO PASAR DHARMAWANGSA JL. KEMANG RAYA MINGGU SQUARE JL. SULTAN ISKANDAR MUDA JL. SULTAN JL. BINTARO BRAWIJAYA TO LRT JL. PANGLIMA POLIM WOMEN’S & CIRACAS CHILDREN JL. RADIO DALAM HOSPITAL DHARMAWANGSA KEMANG VILLAGE PONDOK INDAH JIS A PIM 2 M PIM 1 JL. PANGERAN ANTASARI A T JL. AMPERA RAYA U PONDOK A INDAH KEMANG 2.6 KM TO K I GOLF COURT JL. CIPETE RAYA PASAR MINGGU T PONDOK JL. R.A. KARTINI JL. CIPUTAT R TRAIN STATION A INDAH K . APARTMENT L J JL. SEKOLAH DUTA RAYA TALAVERA OFFICE PARK JL. METRO PONDOK INDAH JIS CITOS JAKARTA OUTER RING ROAD JL. TB. SIMATUPANG J L SILOAM . BINTARO L HOSPITAL SOUTH HIGHSCOPE E FATMAWATI B QUARTER INDONESIA A GENERAL K HOSPITAL B SOUTH JL. CILANDAK RAYA U CILANDAK L QUARTER JL. RS. FATMAWATI U SOUTH S DOME GROVE R A LEBAK BULUS TRANS JAKARTA STATION Y A JL. LEBAK BULUS 1 J L . K A R MAYAPADA A HOSPITAL N SINGAPORE G INTERCULTURAL T SCHOOL E N G A H A GREAT LOCATION 10 MINUTES TO PONDOK INDAH 7 MINUTES TO JORR TOLL 5 MINUTES TO THE TB SIMATUPANG BUSINESS DISTRICT 5 MINUTES TO MRT LEBAK BULUS STATION 4 SHOPPING MALLS 5 INTERNATIONAL SCHOOLS 4 HOSPITALS WITH CONVENIENT SURROUNDINGS Serenia Hills is surrounded by a variety of public facilities that enhance convenience for residents in their daily lives, including schools, international standard hospitals and premium shopping centers.
    [Show full text]
  • Annual Report 2018
    20 18 Laporan Tahunan Annual Report TOLL INTEGRATION FOR THE BETTER FUTURE PT Marga Lingkar Jakarta PENDAHULUAN PREFACE 01 PT MARGA LINGKAR JAKARTA ANNUAL REPORT 2018 2 IKHTISAR KEUANGAN & PENDAHULUAN OPERASIONAL LAPORAN MANAJEMEN PROFIL PERUSAHAAN PREFACE FINANCIAL & OPERATIONAL MANAGEMENT REPORT COMPANY PROFILE HIGHLIGHTS TOLL INTEGRATION FOR THE BETTER FUTURE Integrasi tarif jalan tol Jakarta Outer Ring Road The Jakarta Outing Ring Road (JORR) toll tariff (JORR) yang mulai diimplementasikan pada integration which has been implemented since 29 tanggal 29 September 2018 adalah tahapan September 2018 is a stage towards a multilane menuju transaksi tol menerus atau multilane free free flow (MLFF) that will take effect in 2019. The flow (MLFF) yang akan diberlakukan dalam waktu integration is also aimed at improving services yang tidak lama lagi. Integrasi transaksi tol JORR and supporting the national logistics system to be ini juga bertujuan meningkatkan pelayanan dan more efficient and competitive. mendukung sistem logistik nasional agar lebih efisien dan berdaya saing. Dengan integrasi tarif jalan tol ini, pengguna tol The toll integration makes the payment system hanya melakukan satu kali transaksi pada gerbang becomes open in which toll users will only have tol masuk (on-ramp payment) atau jauh-dekat satu to make one transaction on the toll gate (on-ramp tarif. Sebelumnya, pengguna tol harus melakukan payment) at one tariff. Previously, toll users were 2-3 kali transaksi untuk menggunakan tol JORR charged a closed transaction system by having sepanjang 76,85 km yang dikelola oleh 4 badan to conduct 2-3 transactions to use the 76.85 km usaha jalan tol (BUJT) berbeda.
    [Show full text]
  • Jasa Marga Update Fy2020holders Meeting 1 August 2019 Company Overview
    Jasa Marga Update FY2020holders Meeting 1 August 2019 Company Overview 2 Company Highlights Brief Snapshot Company Highlights • Leading toll road operator in Indonesia with more than 40 years of • Largest toll road operator in Indonesia with 67% market share in experience. term of operated commercial toll roads lengths (± 1,191 km). • 34 toll road concessions with total length of 1,603 km. • The longest concession period holder in Asia reflecting stable • 70% shares owned by the Government of Indonesia. income. • Listed on the Indonesia Stock Exchange since 2007, with a market cap • Strategically important with strong government ownership. Rp33.6 trillion as of 30th December 2020. • Resilient industry with strong government focus. • Key business • Strong financial profile with promising growth going forward. • Construction, operation and maintenance of toll road • Supporting business / other business • Toll Road Operation Services (Provides operation services for Jasa Marga Group and other toll road investors) Vision & Mission • Toll Road Maintenance Services (Provides maintenance services for Jasa Marga Group and other toll road investor) To be the largest, trusted and sustainable national toll Vision road network company. • Prospective Business (Manages rest areas and other properties on toll road corridors) FY2020 Revenue Breakdown 1. Lead toll road business along the end-to-end value chain professionally and continuously to improve National connectivity Toll Revenue – Other Business Subsidiaries Revenue 2. Optimize regional development for community 17% 9% progress Mission 3. Increase value for shareholders.. 4. Enhance customer satisfaction through service excellence Toll Revenue – Jasa 5. Encourage the development and enhancement of Marga employee performance in a harmonious (13 old concessions environment.
    [Show full text]
  • Transformation for Sustainability
    PT JASA MARGA (Persero) Tbk TRANSFORMATION FOR SUSTAINABILITY 2017 SUSTAINABILITY REPORT Highlights of Company Message from the Board Message from the Board Concerning Sustainability Profile of Commissioners of Directors Sustainability Report Performance 2017 HIGHLIGHTS OF SUSTAINABILITY 5 COMPANY PROFILE 20 PERFORMANCE REPORT OF THE BOARD OF 37 REPORT OF THE BOARD OF 43 COMMISSIONERS DIRECTORS 49 57 CONCERNING SUSTAINABLE SUSTAINABILITY REPORT GOVERNANCE 2017 2 PT Jasa Marga (Persero) Tbk. 2017 Sustainability Report Sustainable Sustainability GRI Standards POJK No. 51 of 2017 Indeks GRI Governance Performance Application Statement Reference Standards Opsi “Core” TABLE OF CONTENTS THEME 3 HIGHLIGHTS OF SUSTAINABILITY PERFORMANCE 6 Economic Aspect 6 Environmental Aspect 8 Social Aspect 10 AWARD AND CERTIFICATIONS 12 IMPORTANT EVENTS 14 SUSTAINABILITY PERFORMANCE ASPECTS OVERVIEW 17 A COMPANY PROFILE 20 Vision, Mission, and Sustainability Values 21 Brief Profile 24 Scale of Business 26 Employee Profile 27 Policy in Employment Opportunities 31 Share Ownership Information 32 Operation Area 32 Business Field 33 Membership of the Association 35 Significant Changes 35 B MANAJEMENT REPORT 36 Message from the Board of Commissioners 37 Message from the Board of Director 43 C ABOUT SUSTAINABILITY REPORT 2017 49 D SUSTAINABILITY GOVERNANCE 57 Structure of Governance 58 Position of GMS, Board of Commissioners and Directors 60 Risk Management Control 75 Stakeholders Management 77 Supply Chain 80 The Problems Encountered 81 E SUSTAINABILITY PERFORMANCE 84 Economic Aspect 84 Social Aspect 85 Environmental Aspect 98 Product Responsibility 102 FEED BACK SHEET 106 STATEMENTS OF GRI STANDARDS APPLICATION 107 INDEX OF FINANCIAL SERVICES AUTHORITY REGULATION (FSA) NO.51 108 INDEX OF GRI STANDARDS IN OPTION “CORE” 109 PT Jasa Marga (Persero) Tbk.
    [Show full text]
  • Jasa Marga Update 1Q2021olders Meeting 1 August 2019 Company Overview
    Jasa Marga Update 1Q2021olders Meeting 1 August 2019 Company Overview 2 Company Highlights Brief Snapshot Company Highlights • Leading toll road operator in Indonesia with more than 40 years of • Largest toll road operator in Indonesia with 67% market share in experience. term of operated commercial toll roads lengths (± 1,214 km). • 34 toll road concessions with total length of 1,603 km. • The longest concession period holder in Asia reflecting stable • 70% shares owned by the Government of Indonesia. income. • Listed on the Indonesia Stock Exchange since 2007, with a market cap • Strategically important with strong government ownership. Rp29.3 trillion as of 31st March 2021. • Resilient industry with strong government focus. • Key business • Strong financial profile with promising growth going forward. • Construction, operation and maintenance of toll road • Supporting business / other business • Toll Road Operation Services (Provides operation services for Jasa Marga Group and other toll road investors) Vision & Mission • Toll Road Maintenance Services (Provides maintenance services for Jasa Marga Group and other toll road investor) To be the largest, trusted and sustainable national toll Vision road network company. • Prospective Business (Manages rest areas and other properties on toll road corridors) 1Q2021 Revenue Breakdown 1. Lead toll road business along the end-to-end value chain professionally and continuously to improve National connectivity. 2. Optimize regional development for community progress. Mission 3. Increase value for shareholders. 4. Enhance customer satisfaction through service excellence. 5. Encourage the development and enhancement of employee performance in a harmonious environment. 3 Company Key Development Milestone ✓Government offered the opportunities ✓Jasa Marga was established with for the private sector to participate in focus on business management, toll road business through Build, maintenance and procurement of Jasa Marga became a public Operate and Transfer (BOT) system the toll road network.
    [Show full text]
  • Along with Indonesia's Rapid Economic Growth of About 8 Percent Annually
    TRANSPORTATION AND LAND USE DYNAMICS IN METROPOLITAN JAKARTA Bambang Susantono This article is an attempt to build an understanding of current interactions between land development and transportation infrastructure in the Jakarta Metropolitan Area. The in tention is to pro vide a basis for further research in transportation and land use planning in megacities in the developing world. Four issues are revealed by the discussion. Firs t, transportation infrastructure development has promoted urban sprawl in Jakarta 's peripheries. Second, the in creased accessibility of suburbs, combined with poor land management and corrup t public servants have resulted in uncontrolled development in Jakarta 's urban fringes. Third, the curren t situation of Jakarta's organic growth has resulted from the informal development practices which dominate the land development in Jakarta 's suburbs. Fourth, the government should .be more consistent in following their own plans and regulations. Otherwise, the uncontrolled development which has reached an alarming position will be far more difficult to handle. Introduction Along with Indonesia's rapid economic growth of about 8 percent annually in the last decade, the city of Jakarta has been experiencing some dramatic changes in its landscape. As the dominating economic and political center of the country, Jakarta has been growing economically and demographically at least twice as fast as the nation as a whole. Yet the planning and management responses to those changes have been inadequate because of various limitations. As a consequence, land use changes often do not conform with the plans, employment centers are located regardless of the traffic impacts in the surrounding areas, and traffic congestion is found in almost every corner of the city.
    [Show full text]
  • Chapter 1 Introduction
    Chapter 1 Introduction The Study on Integrated Transport Master Plan for JABOTABEK (Phase I) Final Report Volume IV (Review of Jakarta Outer Ring Road Project) Chapter 1 1. Introduction The terms-of-reference (TOR) for “The Study on Integrated Transport Master Plan for JABOTABEK (Phase I)” call for a review of the Jakarta Outer Ring Road (JORR) project, comprising some 65.1 km toll road located mainly in DKI Jakarta, with the alignment of a minor stretch going through Bekasi.1 The history of the JORR concept goes back to the late 70s, when the Government of Indonesia (GOI) requested the Government of Japan (GOJ) to assist in the preparation of a master plan 2 for the JORR. The master plan study was subsequently followed-up by a planning3 and a preliminary design study4, both of which constituted the basis for further Government planning and JORR implementation. PP No.8/19905 paved the way for private sector participation in the construction and operations of toll roads. In fact, construction and operations of toll roads under BOT schemes commenced in 1994 in accordance with the then prevailing Government policy. Concessions for the JORR toll way 6 were awarded to four private sector companies and Sections S and E2 were almost completely constructed. The sections were opened to traffic in August 1995. The 1997 financial crisis, which resulted in a severe economic and political crisis, brought full realization of the JORR under the then existing BOT-based concessionaire agreements to a practical standstill, due to the actual and/or legal bankruptcy of the concessionaires.
    [Show full text]
  • The Impact of Road Network Linkages for Region Sectoral Growth in Jabodetabek Area1
    Journal of Indonesian Economy and Business Volume 25, Number 1, 2010, 103 – 113 THE IMPACT OF ROAD NETWORK LINKAGES FOR REGION SECTORAL GROWTH IN JABODETABEK AREA1 Poerwaningsih S. Legowo Faculty of Economics Indonesia Christian University ([email protected]) ABSTRACT Transportation infrastructures serve as one of the preconditions to improve a regions’ economy. Transportation infrastructure may influence regional economic growth as well as the regions surrounding it. The objective of the current study is to analyze the influence of these infrastructures towards economic activity growth (total units, workers, and sector production) of a region as well as the regions surrounding it. Analysis is also conducted towards a number of policies of which act as basis for decision making concerning transportation infrastructure development in a region. The area of study consists of Jakarta, Bogor, Depok, Tangerang and Bekasi or commonly referred to as JABODETABEK area. Time series data is used from the period 1990- 2006, and encompassing 4 economic activities including trade, transportation, home-construction and industry. Together with the data model, estimations are made by using Two Stages Least Squares (2SLS) prediction methods. A simulation model is then subsequently used with the SIMNLIN procedure. The results of the simulation demonstrate that toll infrastructure investments in each region generally elevate regional economic growth (PDRB) and its surroundings, except for Bekasi. Conversely, road investment policies generally reduce PDRB growth in a region. Moreover, the results of the simulation indicate that the impacts of toll development increases growth in the home-construction sector in almost all regions. Conversely, policies to increase road investments would reduce growth in the home- construction sector in all regions.
    [Show full text]
  • Perhitungan Penurunan Beban Emisi Pencemaran Udara Dari Pembangunan Jalur Tol Jorr W2 Di Dki Jakarta
    Jurnal Teknik Lingkungan Volume 20 Nomor 2, Oktober 2014 (Hal 152-161) PERHITUNGAN PENURUNAN BEBAN EMISI PENCEMARAN UDARA DARI PEMBANGUNAN JALUR TOL JORR W2 DI DKI JAKARTA REDUCTION OF AIR EMISSION FROM JORR W2 HIGHWAY DEVELOPMENT IN JAKARTA 1* 2 3 Lailatus Siami, Asep Sofyan dan Russ Bona Frazila 1,2 Program Magister Teknik Lingkungan 3 Program Studi Magister Teknik Sipil Fakultas Teknik Sipil dan Lingkungan, Institut Teknologi Bandung Jl Ganesha 10 Bandung 40132 *[email protected], [email protected], [email protected] Abstrak: Sebagai pusat urbanisasi, mobilitas barang dan manusia di Kota Jakarta memiliki rutinitas transportasi yang padat setiap hari. Hal ini ditandai dengan adanya orientasi mobilitas manusia dari perumahan di sekeliling Jakarta (Jabodetabek) menuju tempat kerja di Kota Jakarta. Dengan pertumbuhan jumlah kendaraan sebesar ±8% per tahun, sektor transportasi memiliki dampak berupa kemacetan dan pencemaran udara. Dari penelitian sebelumnya (Darmanto, 2012) sektor dominan dalam penyumbang emisi CO dan PM10 adalah sektor transportasi sebesar 78,85% dan 99,94%. Sehingga, diperlukan penanganan khusus pada sektor transportasi. Pendekatan pada jaringan jalan yang kompleks di Jakarta dilakukan dengan menggunakan model jaringan jalan. Sehingga didapatkan volume kendaraan tiap ruas jalan untuk dihitung beban emisinya. Berdasarkan hasil representasi dari model jaringan jalan, ruas jalan dengan volume tertinggi berada di jalan tol Cawang dan jalan utama pada jalan Ciputat Raya. Hasil dari inventarisasi emisi pada ruas jalan berbeda – beda pada tiap jenis polutan. Hal ini dipengaruhi oleh proporsi jenis kendaraan yang ikut menentukan faktor emisi. 70,68% beban emisi didominasi oleh polutan CO sebesar 973.734,26 ton/tahun. Sistem transportasi di Jakarta disusun dalam pola transportasi makro (PTM).
    [Show full text]