Same with Mitra, ACES also less impacted by seasonality. In 2009, revenue from 1Q09/FY09 was 22.2%, while 1Q09 operating profit was 25.1% of FY09 operating profit. Hence we considered 1Q10 operational performances are within our expectation with a slight negative bias. At Rp1,710/share, ACES is trading at 17.0x and 15.4x PER10F, and PER11F, respectively. We think ACES, has to boost its productivity in quarters to follow, to catch up slight under-peformance in operating profit.
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