Mandiri Sekuritas Budi Acid Jaya: 9M09 results are above ours estimates, but inline with consensus (BUDI, Rp225, Buy, TP: Rp280)

􀂄 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.