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>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 post the release of solid 1H23 results.</li><li>BMRI’s management lowered its CoC guidance to 1.1-1.3% (from 1.3-1.5%) as assets quality should continue to improve going forward.</li><li>We thus cut our CoC forecast to 130/118bps for FY23/24F resulting in higher FY23/24F earnings of IDR48.8/56.7tn with forecast ROAE of 20.4/21.5%, respectively. </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>

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 post the release of solid 1H23 results.BMRI’s management lowered its CoC guidance to 1.1-1.3% (from 1.3-1.5%) as assets quality should continue to improve going forward.We thus cut our CoC forecast to 130/118bps for FY23/24F resulting in higher FY23/24F earnings of IDR48.8/56.7tn with forecast ROAE of 20.4/21.5%, respectively. 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) - Continuing to Impress

Bank Mandiri Persero

Bank Mandiri (BMRI IJ) - Continuing to Impress