Mansek London Sumatra:6M10 CPO sales volumes reached 40.4%of our FY10F (LSIP,Rp9,200,Buy,TP:Rp10,200)

6M10 CPO sales volumes reached 40.4%of our FY10F.CPO sales volumes decreased by 3.0%yoy from 164,265 ton in 6M09 to 159,257 ton in 6M10. We consider 6M10 CPO sales volumes slightly below our expectations.

6M10 rubber sales volume reached 43.2%of our FY10F.Rubber sales volume decreased by 13.1%yoy from 11,189 ton in 6M09 to 9,725 ton in 6M10,thus in-line with expectations.

We maintain our BUY recommendation.Currently,LSIP trades at FY10F and
FY11F PE of 13.1x and 11.8x,respectively.