(BMRI IJ / BMRI.JK, OUTPERFORM - Maintained, Rp2,600 - Tgt. Rp3,450, Financial Services)
Mandiri remains an Outperform and our top banking pick. Handling the NPL cycle well in 1Q09 is a good indication that it can weather the current NPL cycle, we believe. Mandiri's 1Q09 results beat consensus and our expectations slightly, on low costs and sustained loans. Although gross NPL ratio climbed to 5.9% from 4.7% at Dec 08, the bank only needed to lower its coverage to 117% from 127%, and yet sustained its ROE at 18%. Growth following this NPL cycle should bring upside for Mandiri, we believe. Our DDM-based target price is unchanged at Rp3,450.
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