Mandiri Sekuritas Mitra Adiperkasa: 1Q10 Within our and consensus estimate (MAPI, Rp850, BUY, TP:Rp880)

Mitra has less seasonality. In 2009, revenue from 1Q09/FY09 was 22.6%, while 1Q09 operating profit was 14.4% of FY09 operating profit. Hence we considered 1Q10 operational performances are within our expectation with a slight upward bias. At Rp690/share, MAPI is trading at 6.0x and 5.3x PER10F, and PER11F, respectively.