Mansek Excelcomindo :1H10 net income up 87%yoy,above ours and consensus (EXCL,Rp4,750,Buy,TP:Rp4,300)

XL Axiata posted in-line top-line of Rp8.33tn,while overachieving on the bottom-line to Rp1.32tn (+87%yoy).There were some cost improvements;the growth in operating costs was only at 8%yoy while top-line grew by 35%yoy.On operating statistics,1H10 subscriber base grew to 35.2mn (+43%yoy, +7%qoq),ARPU at Rp34,000 (6%yoy,-3%qoq).Due to higher than expected performance,we are currently reviewing our forecasts and price objective with an imminent upward bias. Currently,the stock trades at PER10F-11F of 18.2x and 14.1x.