$JSMR – Jasa Marga projects its revenue (excluding construction revenue) to reach Rp8.7tn in 2016, 14% YoY. Out of the total revenue, Rp7.9tn of which is expected to be derived from toll road revenue. This is expected to be supported from traffic volume that is projected to reach 1.4bn vehicles by end of 2016. While net profit is expected to grow (+)21% YoY to Rp1.7tn in 2016. For 2017, the company targets its toll road revenue to grow (+)7% YoY in 2017 and other revenue to grow (+)105% YoY. Meanwhile, the company also targets net profit to grow (+)16% YoY in 2017. Comment: the Rp8.7tn revenue target and Rp7.9tn toll road revenue target is inline with our assumption in 16CL.