Bank Mandiri (BMRI.IJ) FY25 Results: Beating Estimates on Record High 4Q25 Number
BMRI posted a record quarterly net profit of Rp18.6tr in 4Q25, bringing its FY25 NP to Rp56.3tr (+1% yoy), above our and consensus’ estimate.
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BBNI IJ: When Credit Growth Outruns Earning Power
BNI is Indonesia's cheapest major bank at 0.76x book. The market implies 9.9% perpetual ROE, below its 12.7%–12.9% 1H26 run-rate. We take a...
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Bank Mandiri (BMRI.IJ) FY26 Outlook: Cautious on NIM Amid Higher Volume...
We expect BMRI FY26 net profit to rebound by 5.6% yoy to Rp52.3tr from its FY25F low base, driven by higher loan growth and lower opex.
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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.
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Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge
We see JCI earnings-yield-to-bond spread of 242bps to have priced in a bear scenario. We revise FY26 JCI target to 7,200. Repricing the risk.
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