Mandiri Sekuritas Elnusa: FY09 bottom line is below than expected (Rp480, Neutral, TP Rp370)

FY09 revenue grew 44% yoy to Rp3.6tn, which is above our and consensus estimates. However, margins were lower than our expectation. Thus, bottom line level lower than consensus estimates and relatively inline with ours. Note that in FY09,
the company booked gain from investment in IMN as much as Rp437bn. Currently ELSA is trading at PER10F of 17.2x.