JP Morgan - BDMN: Worth watching

Henry Ho confirmed as Dank Danamon CEO. First Soundbite – mass market and SME thrust: Mr Ho’s first comment post AGM was to mention that he would be looking to expand Danamon's mass market business and increase market share in SME lending (as reported on Bloomberg). Interestingly, he did not emphasise the development of a liabilities franchise, which came up as a key during Bank Danamon’s meetings with investors at J.P. Morgan's recently held conference in Jakarta. We do not think a strategic premium is built into current valuations.