• Indofood booked net income of Rp1.41tn in 1H10, 76.4% YoY higher from Rp799.7bn last year. Revenue was flat with Rp18.12tn. Sales figure was adequate, making up 45.1% of consensus FY expectation, however the net income surpassed expectation with the company already making 63.3% of expectation.
• Profitability was strong as gross and operating margin rose to 32.5% and 17.2%, on the back of lower cost of goods.
• Sales actually declined in 2Q10 to only Rp8.81tn compared to Rp9.31tn. However again, lower cost of goods sold made gross profit rise by 10.4% to Rp3.09tn making net income increase by 23.2% QoQ to Rp778.6bn.
• INDF is trading at 2011F consensus PER of 14.8x and EV/EBITDA of 7.2x.
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