External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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 3Q25 net profit of Rp13.3tr (+18% qoq, -14% yoy) bringing its 9M25’s NP tp Rp37.7tr (-10% yoy), in line with our and cons. FY25F.</li><li>BMRI is looking at higher loan growth and lower CoF, but remains cautious on the loan yield. One-off opex will remain until FY25F.</li><li>We adjusted our FY25/27F net profit est. by -0.6/-0.2% and maintain Buy rating with an unchanged GGM-based TP of Rp5,000.</li></ul>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.

BMRI booked 3Q25 net profit of Rp13.3tr (+18% qoq, -14% yoy) bringing its 9M25’s NP tp Rp37.7tr (-10% yoy), in line with our and cons. FY25F.BMRI is looking at higher loan growth and lower CoF, but remains cautious on the loan yield. One-off opex will remain until FY25F.We adjusted our FY25/27F net profit est. by -0.6/-0.2% and maintain Buy rating with an unchanged GGM-based TP of Rp5,000.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) - Rebounding from 2Q25’s Low Base but Still Pressured by Higher Opex

<ul><li>BMRI reported net profit of Rp11.3tr in 2Q25 (-15% qoq, -19% yoy), bringing its 1H25 NP to Rp24.5tr (-8% yoy), missing our/cons FY25F.</li><li>Mgmt. cut FY25 guidance for loan growth to 8–10%, NIM to 4.8–5.0%, CoC to 0.8–1.0%, while expecting CIR to be at 45%.</li><li>We maintain our Buy rating with a lower TP of Rp5,000 as we cut our FY25/26/27F by 9.9/13.4/10.9%, reflecting lower ROE.</li></ul>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.

BMRI reported net profit of Rp11.3tr in 2Q25 (-15% qoq, -19% yoy), bringing its 1H25 NP to Rp24.5tr (-8% yoy), missing our/cons FY25F.Mgmt. cut FY25 guidance for loan growth to 8–10%, NIM to 4.8–5.0%, CoC to 0.8–1.0%, while expecting CIR to be at 45%.We maintain our Buy rating with a lower TP of Rp5,000 as we cut our FY25/26/27F by 9.9/13.4/10.9%, reflecting lower ROE.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 Rp 4,380; BUY TP Rp 5,000) 2Q25 Earnings Missed; Profit Hit by One-Off Cost

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>BMRI continues to take loan market share with growth well higher than average, due to its large balance sheet and focus on mining</li>
<li>Despite this, its NPL ratio has been steady for several periods, suggesting good underwriting, loan emphasis</li>
<li>ROA recent peak was 3.14% but the bank is near there now at 2.97%, growing in recent quarters, and likely to continue</li>
</ul>


BMRI continues to take loan market share with growth well higher than average, due to its large balance sheet and focus on mining
Despite this, its NPL ratio has been steady for several periods, suggesting good underwriting, loan emphasis
ROA recent peak was 3.14% but the bank is near there now at 2.97%, growing in recent quarters, and likely to continue


2025 High Conviction - BMRI Strong Loan Growth at 2x Industry, Better Fees and Lower Costs/Assets

<ul><li>BMRI recorded net profit of Rp13.2tr (-4%qoq, +4% yoy) in 1Q25, forming 23% of both our and consensus FY25F i.e., in line.</li><li>Mgmt. is aiming to boost retail lending, which should normalize loan growth, NIM, CIR, and CoC towards its FY25 guidance. </li><li>Maintain our FY25-27F estimates and Buy rating for BMRI with an unchanged TP of Rp5,900.</li></ul>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.

BMRI recorded net profit of Rp13.2tr (-4%qoq, +4% yoy) in 1Q25, forming 23% of both our and consensus FY25F i.e., in line.Mgmt. is aiming to boost retail lending, which should normalize loan growth, NIM, CIR, and CoC towards its FY25 guidance. Maintain our FY25-27F estimates and Buy rating for BMRI with an unchanged TP of Rp5,900.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.

BMRI.IJ - In Line 1Q25 Results: Positive PPOP Growth Despite Lower NIM

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri</a> saw a slower finish to the year despite strong loan growth and solid CASA growth, as expenses rose in 4Q2024 and slower recoveries impacted non-interest income.  </li>
<li>Strong loan growth was driven by corporate and commercial lending with diverse sector exposure, as it continues to exploit wholesale relationships rather than increase risk, supported by CASA growth.</li>
<li>The recent correction looks overdone given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, with credit costs under control. Valuations below historic levels.</li>
</ul>



Bank Mandiri saw a slower finish to the year despite strong loan growth and solid CASA growth, as expenses rose in 4Q2024 and slower recoveries impacted non-interest income.  
Strong loan growth was driven by corporate and commercial lending with diverse sector exposure, as it continues to exploit wholesale relationships rather than increase risk, supported by CASA growth.
The recent correction looks overdone given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, with credit costs under control. Valuations below historic levels.


Bank Mandiri (BMRI IJ) - Well-Set for 2025 Returns

Indonesia

PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank operates in the commercial banking services.

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Bank Mandiri Persero (BMRI IJ)

Bank Mandiri (BMRI.IJ) - Rebounding from 2Q25’s Low Base but Still Pressured by Higher Opex

BMRI booked 3Q25 net profit of Rp13.3tr (+18% qoq, -14% yoy) bringing its 9M25’s NP tp Rp37.7tr (-10% yoy), in line with our and cons. FY25F.

BRI Danareksa Research

Bank Mandiri (BMRI.IJ Rp 4,380; BUY TP Rp 5,000) 2Q25 Earnings Missed; Profit Hit by One-Off Cost

BMRI reported net profit of Rp11.3tr in 2Q25 (-15% qoq, -19% yoy), bringing its 1H25 NP to Rp24.5tr (-8% yoy), missing our/cons FY25F.

BRI Danareksa Research

2025 High Conviction - BMRI Strong Loan Growth at 2x Industry, Better Fees and Lower Costs/Assets

BMRI is taking market share of loans, growing strongly, with no worsening in credit metrics. Slightly lower NIM is offset by higher fees, and also...

Daniel Tabbush

BMRI.IJ - In Line 1Q25 Results: Positive PPOP Growth Despite Lower NIM

BMRI recorded net profit of Rp13.2tr (-4%qoq, +4% yoy) in 1Q25, forming 23% of both our and consensus FY25F i.e., in line.

BRI Danareksa Research

Bank Mandiri (BMRI IJ) - Well-Set for 2025 Returns

BMRI's recent correction looks overdone, given the outlook for 2024 looks positive, with loans expected to follow deposit growth in 2025, credit...

Angus Mackintosh

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