INKP posted 1H10 net profit of US$91mn (+4.0%qoq),which is above our estimates.
All P&L accounts yoy and qoq growth are due to increase in selling price by 34%yoy and 13%qoq.
Pulp price in July 2010 seems to reach its peak with several up and down in that month.We heard that selling price for August delivery drop considerably.Therefore,even though the company ’s performance is likely to surpass our FY10F estimates,we do not think the outperformance is significant.
We have a Neutral recommendation on INKP which currently is trading at PER10-11F of 8.9-7.4x.
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