TINS reported 1H10 net income of Rp322bn (+652.6%yoy),represented 27.3%of our FY forecast and and 28.9%of consensus estimates.These results were below our and consensus expectation.The main reason of below expectation result was a decrease in production volume from 17,588 ton in 1H09 to 10,191 in 1H10,which resulted a decrease in sales volume from 19,760 ton in 1H09 to 9,990 ton in 1H10.Decrease in production volume due to bad weather.
At current price,TINS is trading at 2010F and 2011F PER of 14.7x and 9.7x.We maintain our NEUTRAL recommendation on the counter.
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