Mandiri Sekuritas Unilever: 1H10 results are inline with ours and consensus estimate (UNVR, Rp17,150, Buy, TP: Rp13,000)

􀂄 UNVR posted 1H10 net income of Rp1.8tn (+18%yoy, -18%qoq), which is inline with ours and consensus estimate.
􀂄 Net profit qoq decline was mainly due to increase in selling expense by 16%qoq and 28%yoy.
􀂄 We have Buy recommendation on UNVR which currently is trading at PER10-11F of 38.7-32.9x.