Mandiri Sekuritas ACE Hardware: 1H10 net income was below our and consensus (ACES, Rp1,840, Neutral, TP: Rp1,790)

􀂄 ACES booked 1H10 revenue of Rp737.3bn (+19.2%yoy), and net income of Rp77.6bn (+15.5%yoy), which is below our estimates and consensus.
􀂄 We have a Neutral recommendation on ACES, it trades at PER10F of 18.9x.