Mandiri Sekuritas Citra Marga: net income 1H10 above our estimates and consensus (CMNP, Rp890, Neutral, TP: Rp1,100)

􀂄 The company posted 1H10 revenues of Rp365.7bn (+25.7%yoy), and net income of Rp399.5bn compared with Rp31.0bn in 1H09. The company booked unrealized gain from debt revaluation amounting Rp236.1bn. These results are above our estimates and consensus.
􀂄 We have a Neutral recommendation on CMNP, due to lack of new project, it trades at PER10F of 3.7x.