Bank Mandiri (BMRI IJ) - Raising Our FY24-25F Forecast and TP Post 4Q23 Earnings Beat
BMRI reported FY23 net profit of Rp55.1tr (+34%yoy) beating our forecast and the cons. on 4Q23 higher recoveries and lower provisions.
165 Views
Bank Mandiri (BMRI IJ) - Continuing to Impress
We reiterate our BUY call on BMRI with a higher GGM-derived TP of IDR7,500 (implying 2.5x 2024F PBV) as we roll over our valuation to next year...
210 Views
Banks: Solid asset quality and capital to weather macro uncertainties (OVERWEIGHT)
We estimate the big-4 banks’ FY24F earnings to be potentially 1-6% lower if the BI rate is unchanged; BBCA as the least affected bank.
407 Views
Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking
Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).
383 Views
Banks: FY24 Earnings Growth Outlook Still Intact Despite the Tight Liquidity in 1Q24
We expect the pressure on NIM to persist in 1Q24 driven by a higher CoF, arising from lower excess liquidity. We expect the big-4 banks to still...
198 Views