Bank Danamon | Mass market yet to revive

Bank Danamon   | Mass market yet to revive
BDMN IJ / BDMN.JK | TRADING BUY - Maintained | Rp6,050.00 - Tgt. Rp7,000.00 Banks | by Mulya CHANDRA, CFA,  
Loan growth remained tepid at 14% yoy, as mass-market lending grew a mere 11% yoy. Adira Finance in 2012 could not repeat its fascinating growth in 2011, on a nearly-optimised market share. FY12 results met our expectation at 98% and consensus at 100%. We make no changes to our forecasts, Trading Buy (short-term catalyst from the DBS tender offer still being processed by the Indonesian central bank) or our target price, which is based on the budgeted tender offer price.

Source : Listri Valsa
Powered by Telkomsel BlackBerry®