BWPT reported 1H10 net income of Rp86bn (-20.1%yoy),represented 34.4%of consensus estimates.These results were below consensus expectation due to decrease in CPO production volume by 16.6%yoy from 46,339 ton in 1H09 to 38,663 ton in 1H10,which resulted a decrease in CPO sales volume by 16.8%yoy from 47,426 ton in 1H09 to 39,438 ton in 1H10.The main reason of decrease in CPO production was seasonality and bad weather.
At current price,BWPT is trading at 2010 Consensus and 2011Consensus PER of 12.7x and 11.1x.
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