Daily Brief Indonesia: Bank Mandiri Persero, Delta Dunia Makmur and more

• 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.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China Hongqiao
• Delta Dunia Makmur