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 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

<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

<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>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 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

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. 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.

<ul><li>NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs (-21bps).</li><li>Subsidiaries, particularly BSI, also played a significant role in this earnings improvement.</li><li>▪ Loan surged by +6.8% QoQ/+20.5% YoY in 1H24, supported by corporate segment (+30% YoY) &amp; commercial (+22% YoY).</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.

NPAT reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), primarily driven by a slight uptick in NII (+3% QoQ), manageable operating and credit costs (-21bps).Subsidiaries, particularly BSI, also played a significant role in this earnings improvement.▪ Loan surged by +6.8% QoQ/+20.5% YoY in 1H24, supported by corporate segment (+30% YoY) &amp; commercial (+22% YoY).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.

PT Bank Mandiri Tbk - Loan Growth Fuel Success, Guidance Upgraded

<ul><li>Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus' estimates which implies ~47%/48% of FY24E target.</li><li>The slight uptick in NII (+3% QoQ), combined with manageable operating and credit costs (-21bps), contributed to the earnings improvement during 2Q24.</li><li>Moreover, the solid performance of its subsidiaries, particularly Bank Syariah Indonesia (BSI), contributed significantly to the solid earnings in 2Q24.</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.

Net profit reached IDR13.8tn in 2Q24 (+9.0% QoQ/ +9.3% YoY), bringing 1H24 NPAT to IDR26.6tn (+5.2% YoY), slightly in-line with our and consensus' estimates which implies ~47%/48% of FY24E target.The slight uptick in NII (+3% QoQ), combined with manageable operating and credit costs (-21bps), contributed to the earnings improvement during 2Q24.Moreover, the solid performance of its subsidiaries, particularly Bank Syariah Indonesia (BSI), contributed significantly to the solid earnings in 2Q24.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.

PT Bank Mandiri Tbk (BMRI IJ) - Loan Growth Fuel Success, Guidance Upgraded

Indonesia

PT Bank Mandiri (Persero) Tbk is Indonesia's largest bank, providing a wide range of banking products and services to individuals and businesses. These offerings include savings and current accounts, various loans, credit and debit cards, e-banking, investment products, and insurance services. The bank was formed on October 2, 1998, through the merger of four state-owned banks and is headquartered in Jakarta, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bank Mandiri (BMRI IJ)