Mandiri Sekuritas AALI: Sales volume in August grow by 20.6% MoM (AALI, Rp21,250, Sell, TP: Rp18,000)

􀂄 AALI recorded sales volume in August grew by 20.6%MoM from 96.0k ton in July to 115.8k ton in August.
􀂄 YTD CPO sales volume still decrease by 0.8% yoy from 694.8k ton in 8M09 to 689.4k ton in 8M10.
􀂄 YTD CPO sales volume of 689.4k ton represented 65.0% (within our expectation) of our FY10F sales volume of 1,060.6k ton.
􀂄 Currently, AALI trades at PER FY10F and FY11F 17.7x and 17.6x, respectively.