Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> has stated its target of achieving an FY28e ROE of 20%, with ambition to join the other three big Indonesian Banks already doing it. </li>
<li>Although the current results are not on par with the other three, the bank has outlined its strategy to reach the target (1% credit cost; 37% CIR by 2028 exit)</li>
<li>Projecting a gradual re-rating to align with peers by 2028 and extrapolating book value growth over the 5-year period provides a shareholder return of 30% CAGR</li>
</ul>



Bank Negara Indonesia Persero (BBNI IJ) has stated its target of achieving an FY28e ROE of 20%, with ambition to join the other three big Indonesian Banks already doing it. 
Although the current results are not on par with the other three, the bank has outlined its strategy to reach the target (1% credit cost; 37% CIR by 2028 exit)
Projecting a gradual re-rating to align with peers by 2028 and extrapolating book value growth over the 5-year period provides a shareholder return of 30% CAGR


BBNI IJ Initiation: On a Rewarding Journey to 20% ROE

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.

<ul><li>Bank Mandiri (BMRI IJ)1Q26 Results: Robust Earnings Growth Driven by Loan Expansion and Resilient Asset QualityBMRI posted a net profit of Rp15.4tr in 1Q26, (-17% qoq, +17% yoy) forming 27% of our and consensus’ FY26 estimates, i.e., above</li><li>Solid top line and lower CoC were driven by the expansion of related-party loan which grew 56% while retail loans remain weak.</li><li>Maintain Buy rating with an unchanged TP of Rp6,200 implying a fair value PBV of 1.8x and 8.3% dividend yield.</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>

Bank Mandiri (BMRI IJ)1Q26 Results: Robust Earnings Growth Driven by Loan Expansion and Resilient Asset QualityBMRI posted a net profit of Rp15.4tr in 1Q26, (-17% qoq, +17% yoy) forming 27% of our and consensus’ FY26 estimates, i.e., aboveSolid top line and lower CoC were driven by the expansion of related-party loan which grew 56% while retail loans remain weak.Maintain Buy rating with an unchanged TP of Rp6,200 implying a fair value PBV of 1.8x and 8.3% dividend yield.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) 1Q26 Results: Robust Earnings Growth Driven by Loan Expansion...

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

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<li>In the past, we had been neutral on Indonesian banks, due to the government’s populist, market unfriendly macro-economic policies and the risk of worsening credit quality in the bank system</li>
<li>There are early indications that the government is reining in its market unfriendly policies, and, in specific cases, certain banks have delivered better-than-expected credit quality</li>
<li>We upgrade Bank Mandiri and Negara to buy recommendations, partly on the prospect of less damaging macro-economic policies but also on attractive valuations and better-than-expected credit quality and balance sheets</li>
</ul>


In the past, we had been neutral on Indonesian banks, due to the government’s populist, market unfriendly macro-economic policies and the risk of worsening credit quality in the bank system
There are early indications that the government is reining in its market unfriendly policies, and, in specific cases, certain banks have delivered better-than-expected credit quality
We upgrade Bank Mandiri and Negara to buy recommendations, partly on the prospect of less damaging macro-economic policies but also on attractive valuations and better-than-expected credit quality and balance sheets


Indonesian Banks – Much Bad News Discounted, Buy Bank Mandiri (BMRI IJ) And Bank Negara (BBNI IJ)

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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>As expected, <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> fell further as there was no resolution yet with MSCI. </li>
<li>Some of the large-cap banks became ATMs for foreign investors, yet the local passive pensions are buying. Low floaters like <a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a>could still be problematic. </li>
<li>The risk is clear; the upside potential is also clear. Status quo means share prices will rebound. Some of the banks are paying high dividend. </li>
</ul>


As expected, Jakarta Stock Exchange Composite Index (JCI INDEX) fell further as there was no resolution yet with MSCI. 
Some of the large-cap banks became ATMs for foreign investors, yet the local passive pensions are buying. Low floaters like Barito Renewables Energy (BREN IJ)could still be problematic. 
The risk is clear; the upside potential is also clear. Status quo means share prices will rebound. Some of the banks are paying high dividend. 


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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<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 (BMRI IJ) </a>booked a strong finish to 2025, with loan growth picking up significantly in 4Q2025, whilst the bank maintained stable NIMs and reduced credit costs.</li>
<li>The bank saw corporate and commercial loans driving lending growth, while its strong CASA growth helped the bank to maintain its NIMs. Mandiri’s digital platforms remain core to its growth.</li>
<li>2026 guidance looks positive with the bank booking a strong start to the year. Valuations remain attractive, on 1.5x FY2026E PBV, ROE of 20%, and a dividend yield of 8.3%  </li>
</ul>



Bank Mandiri (BMRI IJ) booked a strong finish to 2025, with loan growth picking up significantly in 4Q2025, whilst the bank maintained stable NIMs and reduced credit costs.
The bank saw corporate and commercial loans driving lending growth, while its strong CASA growth helped the bank to maintain its NIMs. Mandiri’s digital platforms remain core to its growth.
2026 guidance looks positive with the bank booking a strong start to the year. Valuations remain attractive, on 1.5x FY2026E PBV, ROE of 20%, and a dividend yield of 8.3%  


Bank Mandiri (BMRI IJ) - Growth Engine Engaged

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.

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Bank Mandiri (BMRI IJ)

BBNI IJ Initiation: On a Rewarding Journey to 20% ROE

BBNI IJ has stated its target of achieving an FY28e ROE of 20%, just like peers do now. Being involved in the journey can be very rewarding for...

Raj S, CA, CFA