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. 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.

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><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 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

Bank Mandiri Persero

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