BUDI posted 1H10 net profit of Rp18bn (-80%yoy,-97%qoq),which is below ours and consensus estimates.
YoY comparison:while revenues up by 18.4%yoy,net profit declined by 80%yoy due to higher raw material prices in 1H10 and lower forex gain.The raw material price is expected to go lower in 2H10.
QoQ comparison:revenues up by 15%qoq,and operating profit up by 14%qoq.However,net profit declined by 97%qoq due to other non operational charges amounting to Rp8bn,and lower forex gain.
We have a Buy recommendation on BUDI which currently is trading at PER10-11F of 7.9-6.6x.Due to poor 1H10 results, we are likely to review our forecast on the company.
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