Mandiri Sekuritas Lautan Luas: 1H10 results are inline with ours and consensus estimate (LTLS, Rp800, Buy, TP: Rp1,000)

􀂄 LTLS posted 1H10 net income of Rp45bn (-9%yoy, -17%qoq), which is inline with ours and consensus estimate.
􀂄 The decline in net profit was mainly due to strengthening Rupiah.
􀂄 We have Buy recommendation on LTLS which currently is trading at PER10-11F of 6.5-5.3x.