(BDMN IJ / BDMN.JK, OUTPERFORM - Maintained, Rp2,725 - Tgt. Rp3,675, Financial Services)
Danamon's 1Q09 results are in line with consensus, but slightly above our expectations as the bank was able to maintain its NIM. Asset quality held up well in 1Q09. Gross NPL ratio only inched up to 2.9% from 2.3% in 4Q08, while cost of credit dropped to 3.0% from 6.0% in 4Q08, as the bulk of derivative losses had been recognised in 4Q08. Although there was a rise in special-mention loans, management sees ways to restructure them. Risks on its remaining currency derivatives exposure should also ease in 2Q09, given a strengthening rupiah. We maintain Outperform with an unchanged DDM target price of Rp3,675.
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