MAPI reported a strong net income growth 57.5% yoy which represents 53.7% of our estimates and 51.2% of consensus.
The strong result was a result of strong revenue of Rp2.7tn (+23.8% yoy, +9.4% qoq), inline with consensus estimates.
At current price, stock is traded at 2011P/BV of 4.1x and PER of 24.4x. We maintain our buy rating on this counter.
Kamis, 28 Juli 2011
Mitra Adiperkasa – 1H11 result represents 53.7% of ours and 51.2% of consensus – Inline (MAPI, Rp4,300, Buy, TP: Rp3,720) - Mandiri
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