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 booked a robust net profit of Rp15.5tr in 3Q24, bringing 9M24 net profit to Rp42.0tr (+8% yoy), in line with our and consensus FY24F ests.</li><li>Funding remained challenging, but earnings were supported by strong loan growth and improving asset quality, allowing for a low CoC.</li><li>Maintain Buy with a TP of Rp8,200 derived from GGM model based on 5-year inverse CoE of 10.3%, LTG of 3%, and FY25F RoE of 21.2%.</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 booked a robust net profit of Rp15.5tr in 3Q24, bringing 9M24 net profit to Rp42.0tr (+8% yoy), in line with our and consensus FY24F ests.Funding remained challenging, but earnings were supported by strong loan growth and improving asset quality, allowing for a low CoC.Maintain Buy with a TP of Rp8,200 derived from GGM model based on 5-year inverse CoE of 10.3%, LTG of 3%, and FY25F RoE of 21.2%.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 - 3Q24 Earnings: Strong Profitability Supported by Loan Growth and Asset Quality

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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.

<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

<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

<ul><li>BMRI reported FY23 net profit of Rp55.1tr (+34%yoy) beating our forecast and the cons. on 4Q23 higher recoveries and lower provisions.</li><li>We expect the FY24F earnings growth to normalize due to our expectation of softer NIM and CoC normalization.</li><li>Maintain BUY with a higher TP of Rp7,600 as we raise our FY24F net profit estimate by 5%, resulting in a higher ROE of 21.2%.</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 FY23 net profit of Rp55.1tr (+34%yoy) beating our forecast and the cons. on 4Q23 higher recoveries and lower provisions.We expect the FY24F earnings growth to normalize due to our expectation of softer NIM and CoC normalization.Maintain BUY with a higher TP of Rp7,600 as we raise our FY24F net profit estimate by 5%, resulting in a higher ROE of 21.2%.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 (BMRI IJ) - Raising Our FY24-25F Forecast and TP Post 4Q23 Earnings Beat

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Mandiri Persero (BMRI IJ)

Bank Mandiri - 3Q24 Earnings: Strong Profitability Supported by Loan Growth and Asset Quality

BMRI booked a robust net profit of Rp15.5tr in 3Q24, bringing 9M24 net profit to Rp42.0tr (+8% yoy), in line with our and consensus FY24F ests.

BRI Danareksa Research

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 (BMRI IJ) - Raising Our FY24-25F Forecast and TP Post 4Q23 Earnings Beat

BMRI reported FY23 net profit of Rp55.1tr (+34%yoy) beating our forecast and the cons. on 4Q23 higher recoveries and lower provisions.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)