BDMN IJ / BDMN.JK | TRADING BUY - Maintained | Share Price Rp6250 - Tgt. Rp7000
Banks | - by Mulya CHANDRA, CFA
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Danamon’s earnings grew by 18% yoy to Rp900bn, meeting our and consensus expectations. Although yoy loan growth and NIM were mostly flat compared to those in 4Q11, upcoming loans growth could head south, especially on headwinds faced by its growth engine Adira. Its 1Q12 core EPS formed 24% of our expectations and 23% of consensus numbers. Despite tougher growth in 2012, we maintain our Trading Buy for its M&A theme, with a target price of Rp7,000, based on DBS’s bid for a majority stake in the bank. No change to our forecasts.
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