ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

<ul><li>Conference call with management reveals 2020 vision and 2018 outlook.</li><li>We are disappointed with only modest growth re-acceleration (SD growth rate in 2018E PPOP)</li><li>Meanwhile, better NPL outlook is not a new thing at all.</li><li>Current share price implies ROE of greater than 15%, vs. our expectations of 13.5% in 2018E. </li></ul>

Conference call with management reveals 2020 vision and 2018 outlook.We are disappointed with only modest growth re-acceleration (SD growth rate in 2018E PPOP)Meanwhile, better NPL outlook is not a new thing at all.Current share price implies ROE of greater than 15%, vs. our expectations of 13.5% in 2018E. 

Bank Tabungan Pensiunan Nasional (BTPN IJ)

Bank Mandiri: Modest Growth Re-Acceleration Only Amid Share Price Run Up

Bank Mandiri Persero

Bank Mandiri: Modest Growth Re-Acceleration Only Amid Share Price Run Up