*Result* SIAE

Maintain BUY. SIAE’s full year net profit of $236.1m (-9%) was assisted by a $6m gain from sale of fixed assets and an associate company’s tax writeback in 4Q. Adjusting for this, results were within expectations. Operating margin also jumped to a record 15.1% as operating expenses fell on the back of lower subcontract costs. TP raised to $4.21, based on 18x FY11 earnings vs. its peak valuation of 20x earnings. Dividend yield remains attractive (5.4% this year and 5.7% next year).