Kiwoom Research | Equity Update - 10 September 2026 PT. Jasa Marga (Persero) Tbk. (JSMR) Earnings Resilience and Inorganic Growth Potential Key Takeaways - Toll Operations Drive Earnings Growth. Toll revenue rose 7% y/y, while EBITDA and net profit increased 9% and 2%, respectively, supported by margin expansion that offset weaker construction income. - Leverage Rises but Remains Manageable. Debt increased alongside expansion needs, but ICR remained healthy at 3.66x, above JSMR’s 2.5x target, supported by higher cash and additional bond funding. - Toll Acquisition Offers Upside, but Funding Is Key. Potential acquisitions from BUMN Karya could boost revenue and EBITDA, but higher leverage and interest costs remain risks. The potential acquisition is not yet reflected in our valuation or target price. Recommendation “BUY” We revised our target price for JSMR at IDR 3,800 per share (from IDR 3,850), based on a blended valuation approach using EV/EBITDA and DCF methods, and supported by the company’s long-term prospects and potential. This target implies a forward P/E of 7.36x, EV/EBITDA of 10x, and PBV of 0.42x. At the current price of IDR 3,010, the stock is trading at an estimated P/E of 5.83x (vs. peers’ average of 8.43x) and a PBV of 0.33x (vs. peers’ average of 1.59x). Downside risks: Traffic growth slowdown, tariff adjustment delays, higher leverage and interest costs, rising capex requirements, weaker construction contribution, project execution risks, and regulatory intervention. Sukarno Alatas Equity research KIWOOM SEKURITAS INDONESIA