Mandiri Sekuritas Elnusa: 1Q10 net profit grew 24.5%, inline with our estimate (Rp530, Neutral, TP: Rp370)

1Q10 revenue grew 64.3% yoy to Rp1.1tn, as sales from integrated upstream services improved significantly. This is above our and consensus estimates. However, margins were lower than our expectations. 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, thus we estimate net income will be lower this year. Currently ELSA is trading at a relatively pricey PER10F of 18.8x.