• Bank Mandiri aims to post a minimum of 20% YoY growth on its micro loans disbursement to Rp6.4tn compared to Rp5.4tn in 2009. The bank saw that the segment managed to post superb 40.0% YoY growth last year and intends to keep the growth momentum this year.
• Separately, Bank Mandiri stated that its TPF will increase by 15% YoY to Rp344.7tn from Rp299.7tn last year.
• Meanwhile, for 1Q10, Bank Mandiri shared its total loans figure that reaches Rp199.9tn or 13.0% YoY higher from Rp176.9tn in 1Q09. The figure is also slightly higher than 4Q09 figure of Rp198.5tn despite the repayment season that occurs in every first quarter of each year.
• The bank plans to release its 1Q10 financial publication later this week.
• BMRI is trading at 2010F consensus PER of 13.0x and PBV of 2.7x.
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