Mansek AALI:7M10 CPO production volume reach 53%of our FY10F assumption (AALI,BUY,Rp21,200,TP:Rp24,500)

AALI ’s 7M10 CPO production volume decreased by 6.5%yoy from 607,826 ton in 7M09 to 568,315 ton in 7M10.This 7M10 CPO production volume represents 53%of our FY10F.From 2003 to 2009,7M production represented between 52%up to 59%of FY CPO production.Currently,We maintain our CPO production assumption.

Currently,AALI trades at FY10F and FY11F PE of 15.3x and 13.1x, respectively.