GGRM posted 1H10 net income of Rp1.8tn (+24%yoy, -8%%qoq), which is inline with ours and consensus estimate.
Net profit decline was due to increase in selling expense (World Cup ads) by 104% qoq and yoy. Excluding it, the company performed well on qoq basis.
We have Neutral recommendation on GGRM which currently is trading at PER10-11F of 16.9-14.8x.
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