Bank Mandiri Result note - Growth above defence of NPLs - by Mulya Chandra CFA
(BMRI IJ / BMRI.JK, OUTPERFORM - Maintained, Rp2,050 - Tgt. Rp2,700, Financial Services)
Mandiri posted Rp5.3tr of net profit for FY08, meeting consensus and our expectations. Loans grew 26% yoy, almost in line with the sector growth. However, NIM slightly contracted in 4Q08, on costs of preserving liquidity. Gross NPL ratio inched up to 4.7%, despite an upgrade of Rp1.3tr of NPLs in 4Q08. We maintain our Outperform and target price of Rp2,700, still based on DDM. We continue to like Mandiri for its stronger performances.
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