CMNP.JK | OUTPERFORM - Maintained | Share Price Rp2,050.00 - Tgt. Rp2,650.00
Toll Roads | - by Lydia TOISUTA / Linda LAUWIRA
This private toll road operator aims to add at least one operating toll road concession by end-12 as part of its inorganic growth strategy. However, it is resorting to both debt and equity raising to fund the expansion and this will be medium-term dilutive for earnings. We cut our EPS forecasts and DCF-based (WACC: 9-12%) target price for CMNP, taking into account its higher debt following its bond issuance and the dilutive impact of its right issue. Our base case still excludes the imminent inclusion of minority stakes in new toll road concessions, which are the catalysts behind our Outperform rating.
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