UNVR posted 1Q10 net income of Rp972bn (+26.4%yoy, +26.9%qoq).
Profit growth was mainly due to sales growth of 10.9%yoy and 5.1%qoq. Adjusting for seasonality effect on selling expense, the 1Q10 results is inline with ours and consensus estimate.
We still have Buy recommendation on UNVR which currently is trading at PER10-11F of 31.3-26.6x.
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