Bakrie & Brothers – (BNBR) – Not Rated
Price: IDR 50 – Target Price: n/a
Cimanggis-Cibitung: An Investment Opportunity
The Cimanggis-Cibitung toll road is the result of a cooperation between BNBR and PT Waskita Toll Road (WTR), which has been operational since November 2020. The toll road will have a total length of 26.5 km. The 3.17 km Section I (Cimanggis-On/Off Ramp Transyogi) has been connected to the Cinere-Jagorawi toll road. At present, BNBR is completing the 23.3 km Section II (On/Off Ramp Transyogi-Cibitung).
A USD 782.7 million partnership with Waskita Toll Road. The total investment for the project is USD 782.7 million (IDR 11.2T), including land acquisition expenses (IDR 236.3 billion) and construction expenses of IDR 8.38T. BNBR has a 10% stake in the project with a call option of 35%, while WTR has a put option of 15%. The toll rate charged (which has been approved by the Ministry of PUPR) is IDR 1,915/km.
Section I of the Cimanggis-Cibitung toll road has been operational since November 2020. As one of the six sections of the JORR II toll road, the 3.17 km Section 1 (Cimanggis-On/Off Ramp Transyogi) is connected with the Cinere-Jagorawi toll road, and it can be the alternative to the Cibubur access road, which is quite congested. Later, the 23.3 km Section II (On/Off Ramp Transyogi-Cibitung) will connect Cibubur access road and Cibitung, and it is expected to help reduce logistic expenses in productive areas. Land acquisition progress for Section II’s construction has reached 83.2%, with construction progress reaching 75%. Construction is projected to be completed in 2021, with the expected operational date in 2022.
BNBR’s other infrastructure projects. Aside from the Cimanggis-Cibitung Toll Road, BNBR also works on several infrastructure projects, including the Kalija Bontang-Banjarmasin pipeline and 2×660 MW Tanjung Jati power plant. BNBR is also one of the contractors for the government’s Palapa Ring project. Lastly, through its subsidiary Bakrie Autoparts, BNBR is also trying to expand to the EV sector by producing e-buses for Transjakarta. Those e-buses will be used in Transjakarta’s BRT routes.
Valuation: +1SD above its 5-year PBV mean and -1SD below its 5-year P/E mean. At current price, BNBR is currently trading at 3.8x P/E and 0.5x PBV. Meanwhile, its historical 5-year P/E mean was recorded at 15.1x, and its 5-year PBV mean at 0.4x. This year, BNBR will focus on debt restructuring, completing Section II of Cimanggis-Cibitung toll road, and increasing the production capacity of its autoparts and metal business units.
Bakrie & Brothers – (BNBR) – Not Rated
Price: IDR 50 – Target Price: n/a
Cimanggis-Cibitung: An Investment Opportunity
Jalur Tol Cimanggis-Cibitung merupakan hasil kerjasama dengan PT Waskita Toll Road (WTR) yang mulai beroperasi sejak November 2020. Dengan total panjang jalur 26.5 km, Seksi I (Cimanggis-On/Off Ramp Transyogi) sepanjang 3.17 km telah terkoneksi dengan jalur tol Cinere-Jagorawi. Saat ini BNBR sedang dalam proses melanjutkan Seksi II (On/Off Ramp Transyogi-Cibitung) sepanjang 23.3 km.
Nilai investasi Tol senilai USD 782.7 juta, bermitra dengan Waskita Toll Road. Nilai investasi tersebut setara dengan IDR 11.2T dan termasuk di dalamnya adalah biaya akuisisi lahan sebesar IDR 236.3 miliar serta aktivitas konstruksi yang sebesar IDR 8.38T. Porsi ownership BNBR atas proyek sebesar 10% dan call option 35% sementara WTR memiliki put option 15%. Sejak beroperasi pada Nov-20, tarif tol yang dikenakan adalah IDR 1,915/km.
Mengoperasikan Jalur Tol Seksi I sepanjang 3.17 km pada Nov-20. Sebagai bagian dari 6 ruas Jalan Tol JORR II, Seksi I (Cimanggis-On/Off Ramp Transyogi) sepanjang 3.17 km telah terkoneksi dengan jalur tol Cinere-Jagorawi dan dapat menjadi jalur alternatif akses jalan Cibubur yang kondisinya sudah cukup padat. Selanjutnya, Seksi II (On/Off Ramp Transyogi-Cibitung) sepanjang 23.3 km nantinya akan menghubungkan akses jalan Cibubur ke Cibitung dan di harapkan dapat mengurangi biaya logistic di kawasan produktif. Progress akuisisi lahan telah selesai 83.2% sementara konstruksi telah berjalan hingga 75%. Konstruksi di proyeksikan akan selesai pada 2021 dan mulai beroperasi pada 2022 mendatang.
Proyek infrastruktur BNBR lainnya. Selain Jalur Tol Cimanggiss-Cibitung, BNBR juga memfokuskan proyek infrastrukturnya pada jalur pipa Kalija Bontang-Banjarmasin; Power Plant Tanjung Jati dengan kapasitas 2x660MW serta sebagai salah satu kontraktor proyek Palapa Ring dari Pemerintah. Selain itu, BNBR juga dalam proses mengembangkan segmen bisnis electric vechicle atau e-Bus melalui Bakrie Autoparts. Armada pertama telah dilakukan tes pada jalur rute Trans Jakarta dan ditargetkan akan digunakan untuk jalur BRT Trans Jakarta.
Diperdagangkan pada PBV +1STD dan PE -1STD rata-rata 5Yr. Saat ini, BNBR diperdagangkan pada current PE 3.8x dan PBV 0.5x. Sementara rata-rata PE historis selama 5Yr berada pada level 15.1x dan rata-rata 5Yr PBV 0.4x. Strategi bisnis tahun ini masih berfokus pada debt restructuring; penyelesaian tol Cimanggis-Cibitung Seksi II serta mendorong peningkatan kapasitas produksi segmen autoparts dan metal.