Mandiri Sekuritas Hexindo Adiperkasa: 1Q10 net income is in line with ours and consensus (HEXA, Rp5,950, Buy, TP: Rp3,600)

􀂄 On AGM held yesterday, the company decided to disburse dividend amounting to USD12.2mn (35.8% of FY09 net income) or equal to US$0.0145/share or around Rp130.5 (rate Rp9,000/US$); it reflects dividend yield of 2.2%. HEXA booked FY09 net income of US$34.0mn.
􀂄 The company booked 1Q10 revenues (Apr-Jun’10) of US$123.5mn (+132.3%yoy), a major portion of which was derived from the sale of heavy machineries amounting US$82mn (66.4% of total sales). Meanwhile net income was at US$9.2mn.
􀂄 We have a Buy recommendation on HEXA; it trades at PER10F of 14.1x.