JSMR:IDXPT Jasa Marga (Persero) Tbk Class B Analysis

Jasa Marga is trading at IDR 3,100, barely above the 30‑day support of IDR 2,990, with the 20‑day SMA (IDR 3,444) and 50‑day SMA (IDR 3,534) both sitting higher, confirming a short‑term bearish bias. Momentum indicators reinforce this view: the RSI sits at a deep 29, signaling oversold conditions, while the MACD line remains bearish below its signal, producing a negative histogram. Despite the technical weakness, the stock appears dramatically undervalued – its trailing P/E of 6.15 is a fraction of the industry average of 29.4, and the price‑to‑book of 0.62 suggests a discount to net assets. The dividend yield of 5.04% with a modest payout ratio (~31%) adds income appeal, though free cash flow is currently negative and debt‑to‑equity is high at over 120%, raising questions about long‑term cash generation.
Looking ahead, the company has announced a Rp 12 trillion capex plan for new toll projects slated for completion by year‑end, and traffic volumes on regional tolls rose 9.1% in the latest month, indicating potential revenue upside. Core profit remained stable despite a 5.3% dip in revenue, reflecting resilient operating margins. These fundamentals, combined with a low beta (~0) and a high dividend yield, suggest that while the near‑term price action is pressured, the medium‑ to long‑term outlook is supported by growth initiatives and attractive valuation.