Mandiri Sekuritas Mayora: 1H10 results are inline with ours and consensus estimate (MYOR, Rp8,400, Buy, TP: Rp9,000)

􀂄 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.