Bank Danamon (BDMN IJ)
HOLD/ TP: IDR:3,400 (+0.3%)
Analyst: Yap Swie Cu

Fully valued – Downgrade to HOLD
• Share price rallies on eased concerns
• Stable earnings in the past three months
• Funds inflows slowed – Cautious lending expansion expected
• Adjusting up TP on lower risk-free rate assumption – Downgrade to HOLD.