Mandiri Sekuritas Bakrie Sumatra: 1Q10 net income of Rp64bn (UNSP, Rp500, NEUTRAL, TP: Rp600)

􀂄 UNSP posted 1Q10 revenues of Rp553bn (20.3%yoy, -19.1%qoq). This translates to net income of Rp64bn

􀂄 UNSP booked forex gain of Rp46 bn in 1Q10 whereas it booked forex loss of 141bn in 1Q09

􀂄 Currently the counter trade at PER10-11F of 16.9-14.1x. We maintain our Neutral Recommendation with TP of Rp600.