Maintain Outperform on Mandiri. 2Q10 results met consensus and our expectations, with net and core profits forming 46% and 47% of our FY10 forecasts, respectively. Banks typically generate higher profits in 2H on seasonality. Loans grew 20% yoy, on par with the sector, while gross NPL ratio stabilised. We maintain our earnings forecasts and target price of Rp6,950 (DDM, discount rate 15.7%), and continue to favour Mandiri as one of our top picks, potentially benefiting from a sector re-rating. Bad-loan recoveries could provide Mandiri with stock catalysts in 2H10, in our view.
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