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Investor Daily - Pemulus investasi Jasa Marga
5 June 2025
By Muawwan Daelami
Jasa Marga has a significant task ahead in ensuring the smooth development of five key toll road projects, requiring regulatory support and strategic investor participation.
Jasa Marga is prioritising five major toll road projects currently under construction: Jakarta-Cikampek II South (Japek II Selatan), Patimban Access Toll Road, Yogyakarta-Bawen, Yogyakarta-Solo, and Probolinggo-Banyuwangi (Probowangi).
To ensure smooth progress, the state-owned toll road operator is balancing operational cash flow—covering capital expenditure (capex) on one hand while minimising debt burden on the other. The company underscores the importance of investment support for connectivity infrastructure.
Jasa Marga's President Director, Rivan Achmad Purwantono, reaffirmed that these five projects will inevitably require investment. While the company has meticulously planned its strategy, further government support is crucial for securing investments across all ongoing developments.
"The first necessity is regulatory support," Rivan stated after speaking at CreatIFF Creative Infrastructure Financing Day at the Ministry of Public Works, as quoted on Wednesday (4 June 2025).
Rivan explained that deregulation plays a vital role in Jasa Marga’s operations, particularly for these five projects. The second essential support concerns incentives, which are currently being discussed with the government. These could take various forms, depending on different considerations, including potential adjustments to toll tariffs, though care must be taken to avoid disparities across regions.
The final element to facilitate these major toll road projects is business certainty. Rivan highlighted that clarity in this area would empower Jasa Marga and other Toll Road Business Entities (BUJTs) to fulfil future connectivity infrastructure projects.
Despite these considerations, he assured that Jasa Marga still holds sufficient equity from its asset recycling of the Trans-Java Toll Road last year. The company maintains it has no issues related to creative financing.
He further noted that equity financing from last year would sustain Jasa Marga’s funding until 2026, or until all five major toll road projects reach completion. "If additional investors are interested, we welcome them, but overall, we are prepared with our own financing," he asserted.
Notably, in June 2024, Jasa Marga officially divested 35% of its shares in PT Jasamarga Transjawa Tollroad (JTT)—its subsidiary managing the Trans-Java Toll Road—to the Salim Group consortium for USD960.3 million.
Toll tariff discounts
Jasa Marga, in collaboration with other BUJTs, has announced a 20% toll tariff discount for selected routes during specific periods in June and July 2025. This discount is part of the government’s stimulus package to support household purchasing power.
Ten strategic routes will be covered under this scheme, spanning Trans-Java and Trans-Sumatra. From Trans-Java, the state-owned toll road operator has named the Jakarta-Cikampek Toll Road, MBZ Elevated Toll Road, Palimanan-Kanci Toll Road, Batang-Semarang Toll Road, Semarang Toll Road Sections A, B, and C, Surabaya-Gempol Toll Road, Gempol-Pandaan Toll Road, and Pandaan-Malang Toll Road.
Meanwhile, discounted toll rates for Trans-Sumatra will apply to the Belawan-Medan-Tanjung Morawa (Belmera) Toll Road and Medan-Kualanamu-Tebing Tinggi (MKTT) Toll Road. In total, ten toll road sections in the Trans-Java and Trans-Sumatra corridors will implement the 20% tariff discount.
Jasa Marga's President Director, Rivan Achmad Purwantono, stated that the 20% toll discount will be effective for ten days and divided into three phases. He clarified that the scheme is not available continuously but will apply on specific dates coinciding with major holidays and travel periods.
Although the discount will apply to all vehicle categories, it is only valid for users making continuous journeys. Rivan hopes the initiative will help ease travel costs for toll road users and contribute to national economic growth.
Jasa Marga has also assessed the impact of this stimulus package on revenue and potential losses. "We have carefully evaluated the consequences of each government initiative, including the toll tariff discount, and determined which routes should be included," he explained.
Share price target
Yuanta Sekuritas analyst Chandra Pasaribu projects Jasa Marga’s toll road revenue to grow by 6-8% this year, while maintaining an EBITDA margin in the range of 65-67%. The company also plans to utilise excess cash flow to continue reducing its debt.
Chandra noted that JSMR would keep exploring divestment opportunities, including the Manado-Bitung Toll Road. However, the firm has revised its projections with a more cautious outlook, lowering toll road revenue growth expectations to 2.5% for the full year 2025 and estimating an EBITDA margin of 66.1%, as stated in his published research report on Wednesday (4 June 2025).
Regarding its share price target, Chandra has revised it down from Rp5,850 to Rp5,330, offering an upside potential of 47.2% while maintaining a buy recommendation. The downward revision reflects a prudent view on traffic growth. However, despite the adjustment, he remains positive on JSMR, citing operational improvements and a strategic, well-directed expansion plan.
Next article: Solution to close the infrastructure funding gap
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