BUDI’s 9M09 net income was above our estimates (88.6% of our FY09F), but inline with consensus (77.5% of FY09F consensus).
Company’s net income increased by 54.8%yoy, but declined by 74.1%qoq. However, this qoq decline was purely due to lower forex gain. Note that operating income was slightly improved qoq.
Revenue increased by 21.6%qoq which was mainly triggered by tapioca sales that grew by 25.9% due to Lebaran sales.
We still maintain our Buy recommendation on BUDI which is currently trading at PER09-10F of 6.8x-7.8x.
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