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 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><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 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

Bank Mandiri Persero

Bank Mandiri - Inline 2Q24/ 1H24 Earnings on Resilient NIM, with Intact Sound Asset Quality