External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs (-21bps).</li><li>Subsidiaries, particularly BSI, also played a significant role in this earnings improvement.</li><li>▪ Loan surged by +6.8% QoQ/+20.5% YoY in 1H24, supported by corporate segment (+30% YoY) &amp; commercial (+22% YoY).</li></ul>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.

NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs (-21bps).Subsidiaries, particularly BSI, also played a significant role in this earnings improvement.▪ Loan surged by +6.8% QoQ/+20.5% YoY in 1H24, supported by corporate segment (+30% YoY) &amp; commercial (+22% YoY).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.

PT Bank Mandiri Tbk - Loan Growth Fuel Success, Guidance Upgraded

<ul><li>Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus' estimates which implies ~47%/48% of FY24E target.</li><li>The slight uptick in NII (+3% QoQ), combined with manageable operating and credit costs (-21bps), contributed to the earnings improvement during 2Q24.</li><li>Moreover, the solid performance of its subsidiaries, particularly Bank Syariah Indonesia (BSI), contributed significantly to the solid earnings in 2Q24.</li></ul>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.

Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus' estimates which implies ~47%/48% of FY24E target.The slight uptick in NII (+3% QoQ), combined with manageable operating and credit costs (-21bps), contributed to the earnings improvement during 2Q24.Moreover, the solid performance of its subsidiaries, particularly Bank Syariah Indonesia (BSI), contributed significantly to the solid earnings in 2Q24.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.

PT Bank Mandiri Tbk (BMRI IJ) - Loan Growth Fuel Success, Guidance Upgraded

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

BRI Danareksa Research

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.

<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>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.

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

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

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)

PT Bank Mandiri Tbk - Loan Growth Fuel Success, Guidance Upgraded

NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs...

MNC Sekuritas

PT Bank Mandiri Tbk (BMRI IJ) - Loan Growth Fuel Success, Guidance Upgraded

Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus'...

MNC Sekuritas

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

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

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PT Bank Mandiri Tbk - Loan Growth Fuel Success, Guidance Upgraded

NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs...

MNC Sekuritas

PT Bank Mandiri Tbk (BMRI IJ) - Loan Growth Fuel Success, Guidance Upgraded

Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus'...

MNC Sekuritas

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

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

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