· Bank Mandiri shared that it expects to book Rp6.30tn of net income in 3Q10, or 36.4% YoY increase from Rp4.62tn in 3Q09. If realized, this means that the bank’s net income is higher by 24.8% QoQ from Rp4.03tn in 1H10. Full year market expectation is Rp8.73tn.
· While the bank’s credit target is expected to have exceeded Rp203.0tn or 21.0% YoY higher from 3Q09. The bank has revised its credit target from 15-18% growth to 18.0-20%, and expected to continue next year.
· Mandiri has agreed to postpone its rights issue to next year for the benefit of BNI (BBNI, Rp3,700) .If BNI’s own process proceeds on schedule this year, Mandiri expects its rights issue process will be completed by the first week of February.
· BMRI is trading at 2011F consensus PER of 14.3x and PBV of 3.0x.
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