Throughout 2020, JSMR managed to book a net profit of IDR501.0 billion, +562.1% QoQ, -77.1% YoY. This gain is in line with our estimates where in the second semester JSMR will book another income growth in the toll road segment. Traffic has started to recover since social restrictions were relaxed. We are optimistic that in 2021, both the top and bottom line of JSMR will grow.
Throughout 2020, ISAT booked top line growth of 6.9% YoY. But, financial costs and changes from fair value of derivatives resulted in ISAT’s bottom line to book another net loss in 2020. We see that the proposed sales of 4,000 towers will help ISAT’s bottom line to recover in FY21/FY22.
EXCL’s revenue grew 3.5% throughout 2020. However, the jump in depreciation and financial expenses resulted in EXCL’s net income to decline by 47.9% YoY. Data segment is still solid, leading us to be optimistic for its 2021/2022 top and bottom line.
Performance recovery in 3Q20 allowed revenue to grow 14.5% QoQ to USD61.9 million. Gas distribution led the increase with 13.9% QoQ revenue growth. PGAS once again recorded net profit of USD46.5 million vs net loss of USD41.1 million in the second quarter.
The cellular segment was one of the segments that recorded growth, while intense competition making the company’s revenue in other segments decrease. The company’s total revenue continued to grow 9.2% YoY, 3.1% QoQ in 9M20. On the other hand, the high employee and financial burden caused the company’s net loss to jump 60.8% YoY to IDR457.5 billion vs IDR284.6 billion in 9M19.
JSMR’s revenue improved during 3Q/20, with an increase of +45.3% QoQ. The toll road segment contributed 62.3% to the revenue, with a growth of 70.1% QoQ vs -45.5% in 2Q/20. We project that the toll segment revenue in 4Q/20 will grow limited due to the curbing of the Christmas and New Year holidays at the end of 2020.
CPIN booked a better performance on top line, with sales growing 9.5% YoY in July-September 2020. Recovery can be seen in some segments that recorded quarterly growth. Government’s measures in maintaining the price of chicken stable played an important role. We are optimistic that the company will still book sales growth in 4Q/20.
EXCL booked excellent performance in 3Q/20 by recording growth in quarterly income and net profit by 1.7% YoY and 53.5% YoY. The growth in top and bottom line was supported by data segment that increased 7.6% YoY to IDR5.4 trillion in July-September 2020. With the implementation of IFRS 16, the company also managed to decrease cost by 3.2% YoY.
TLKM booked 1.3% QoQ increase in quarterly income. The income growth cannot be separated from the solid Indihome contribution that booked 16.1% growth YoY and 8.5% QoQ. We see the company continue to focus on efficiency, proven by the increase in operating profit margin, and net profit to 52.9% and 11.0%.
