External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.</li><li>Mgmt revised its FY24 loan growth target from 13-15% to 16-18% while maintaining its CoC target at 1.0-1.2%.</li><li>Maintain Buy rating with an unchanged TP of Rp7,400 based on 10.3% CoE (5-year avg.) and 20.9% FY24F ROE, implying 2.4x FY24F PBV.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.Mgmt revised its FY24 loan growth target from 13-15% to 16-18% while maintaining its CoC target at 1.0-1.2%.Maintain Buy rating with an unchanged TP of Rp7,400 based on 10.3% CoE (5-year avg.) and 20.9% FY24F ROE, implying 2.4x FY24F PBV.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Mandiri - Inline 2Q24/ 1H24 Earnings on Resilient NIM, with Intact Sound Asset Quality

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>It's the largest bank by assets in Indonesia, but its loan growth is about 2x the country aggregate growth rate. </li>
<li>NPL decline is stronger than most all banks in the country over the past few years, implications for credit costs are positive. </li>
<li>Boring old costs should not be ignored, especially where they are driving radical expansion of ROA. </li>
</ul>


It's the largest bank by assets in Indonesia, but its loan growth is about 2x the country aggregate growth rate. 
NPL decline is stronger than most all banks in the country over the past few years, implications for credit costs are positive. 
Boring old costs should not be ignored, especially where they are driving radical expansion of ROA. 


Bank Mandiri - All Cylinders Firing Strong

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Bank Mandiri is our top pick for its quality attributes, its premium and growing pre- and post-provision returns; Mandiri provides a better valuations to returns mix than Bank Central Asia</li>
<li>Bank Negara is the value pick with its low PE multiples, its attractive PEG ratio, whilst also improving pre- and post-provision returns with cost of risk well controlled</li>
<li>Bank Rakyat registered worsening pre- and post-provision returns in 4Q23, with cost of risk worsening; this reflects its heavily MSME focused loan mix which keeps structural cost of risk high</li>
</ul>


Bank Mandiri is our top pick for its quality attributes, its premium and growing pre- and post-provision returns; Mandiri provides a better valuations to returns mix than Bank Central Asia
Bank Negara is the value pick with its low PE multiples, its attractive PEG ratio, whilst also improving pre- and post-provision returns with cost of risk well controlled
Bank Rakyat registered worsening pre- and post-provision returns in 4Q23, with cost of risk worsening; this reflects its heavily MSME focused loan mix which keeps structural cost of risk high


Indonesian Banks Screener; Mandiri Is Our Top Pick on Quality and Return Trends

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">BMRI</a> is more profitable than <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">BBNI</a>, less cyclical than <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">BBRI</a>  and less expensive than <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">BBCA</a>. This combination makes it an attractive play on the Indonesia credit growth story.</li>
<li>BMRI's FY23 results are a strong beat with industry-leading loan growth and strong ROE; BMRI also has the potential to aggressively grow its retail portfolio which still is likely under-appreciated</li>
<li>BMRI still trades at a discount to BBRI and has the potential to re-rate by another 20% in the near term, apart from the compounding driven by strong loan growth.</li>
</ul>



BMRI is more profitable than BBNI, less cyclical than BBRI  and less expensive than BBCA. This combination makes it an attractive play on the Indonesia credit growth story.
BMRI's FY23 results are a strong beat with industry-leading loan growth and strong ROE; BMRI also has the potential to aggressively grow its retail portfolio which still is likely under-appreciated
BMRI still trades at a discount to BBRI and has the potential to re-rate by another 20% in the near term, apart from the compounding driven by strong loan growth.


BMRI IJ Initiation: Growth at Reasonable Price!

Indonesia

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

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Bank Mandiri Persero (BMRI IJ)

Bank Mandiri - Inline 2Q24/ 1H24 Earnings on Resilient NIM, with Intact Sound Asset Quality

BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.

BRI Danareksa Research

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Bank Mandiri - All Cylinders Firing Strong

BMRI reveals cyclical and structural strength to such as a degree that its ROA is highest in its history. Loan growth, NPL decline, lower operating...

Daniel Tabbush

Indonesian Banks Screener; Mandiri Is Our Top Pick on Quality and Return Trends

Mandiri is our quality top pick with better valuations to returns mix than BCA, value pick Negara has low PE ratios and improving returns....

Victor Galliano

BMRI IJ Initiation: Growth at Reasonable Price!

BMRI is a profitable, less cyclical, and inexpensive option compared to other Indonesian banks, making it an attractive investment. We also believe...

Raj S, CA, CFA

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52-week Range

Market Cap (USDm)

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Bank Mandiri - Inline 2Q24/ 1H24 Earnings on Resilient NIM, with Intact Sound Asset Quality

BMRI reported 1H24 net profit of Rp26.6tr (+5% yoy) supported by 20% loan growth and lower CoC, offsetting the lower NIM.

BRI Danareksa Research

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Bank Mandiri - All Cylinders Firing Strong

BMRI reveals cyclical and structural strength to such as a degree that its ROA is highest in its history. Loan growth, NPL decline, lower operating...

Daniel Tabbush

Indonesian Banks Screener; Mandiri Is Our Top Pick on Quality and Return Trends

​Mandiri is our quality top pick with better valuations to returns mix than BCA, value pick Negara has low PE ratios and improving returns....

Victor Galliano

BMRI IJ Initiation: Growth at Reasonable Price!

BMRI is a profitable, less cyclical, and inexpensive option compared to other Indonesian banks, making it an attractive investment. We also believe...

Raj S, CA, CFA

Mandiri is our quality top pick with better valuations to returns mix than BCA, value pick Negara has low PE ratios and improving returns....