Bank Mandiri (BMRI-BUY-TP:IDR2,400) – On track
*25.9% y-y loan growth for 2008 and 16.3% for 2009
*Gross NPL of 4.7%, in line with expectation of below 5.0%
*4Q08 strong third party funding growth supported NIM and LDR
*Limited foreign exchange risk
*Maintain Buy with TP of IDR2,400
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