Mandiri Sekuritas INDF: 1Q10 net income at Rp632bn, above ours and consensus estimates (INDF, Rp3,825, Neutral, TP: Rp3,700)

􀂄 INDF posted 1Q10 net income of Rp632bn (+472.3%yoy, +26.4%qoq), above ours and consensus estimates.
􀂄 Sales growth of 4.8%yoy and 4.2% qoq was magnified by margin improvement and forex loss reversal.
􀂄 We still have Neutral recommendation on INDF which currently is trading at PER10-11F of 18.5-16.8x.