KIJA 1H10 net income increased by 40.9% yoy to Rp47.9bn, which is above ours and consensus estimates. The company booked 1H10 revenue of Rp331.2bn (+71.6% yoy), with GPM 40.9% (vs. 49.3%) and net margin 14.5% (vs. 17.6%). KIJA is currently trading at 78% discount to our NAV10 and PE10 17.1x. We have Buy recommendation on the stock.
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