1H10 net profit at Rp1.2tn (-48.7%yoy,-66.1%QoQ)below ours and consensus estimates.
ADRO booked revenue 1H10 at Rp12.0tn (-7.1%yoy,-9.1%QoQ)below our and consensus estimates.
In US dollar basis,revenue was at US$1.3bn (+11.9%yoy),due to increased production and sales volume.Production volume increased 20.2%yoy and sales volume increase 22.0%yoy.
The strong US dollar revenue had been offset by strengthening of rupiah against US dollar;in the first 6 months in 2010,average rupiah/US$ exchange rate strengthened 17%to Rp9,189/US$compare with Rp11,067/US$.
Cost of revenues increased by 7.9%yoy,due to increasing stripping ratio and increasing production volume.ADRO ’s cash cost (excluding royalties)increased 6%yoy,dragging down operating margin and net margin.
ADRO trades at PER10F-11F of 16.0x and 11.8x,respectively,maintain Buy.
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