MYOR posted 1H10 net income of Rp211bn (+29%yoy, -22%qoq), which is inline with ours and consensus estimate.
The decline in net profit was due to heavy ads expense in 2Q10 that increased by 73%qoq and 75%yoy. Considering seasonality effect, we expect the company will be better in 2H10.
We have Buy recommendation on MYOR which currently is trading at PER10-11F of 13.1-11.3x.
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