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.
170 Views
Bank Mandiri (BMRI IJ) - Continuing to Impress
We reiterate our BUY call on BMRI with a higher GGM-derived TP of IDR7,500 (implying 2.5x 2024F PBV) as we roll over our valuation to next year...
214 Views
Banks: Attractive Entry Point Amid Valuation Derating, Supported by the Still Robust Asset Quality
With higher FY24F CoC of 3.0%, BBRI has allocated adequate provisions to address the current issue in its MSME segment. Maintain Overweight rating...
181 Views
Banks: 4M24 Banks-Only Results
Supported by lower CoF increases compared to their peers, only BBCA, BRIS, and NISP booked double digit NP growth in 4M24.
224 Views
Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties
We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk
214 Views