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>Bank Mandiri (BMRI IJ)2Q26 Earnings: Beat; Lower CoC Offset NIM Compression.</li><li>BMRI posted 2Q26 net profit of Rp15.0tr (-2% qoq, +33% yoy), bringing 1H26 to Rp30.4tr (+24% yoy).</li><li>Management lowered FY26 NIM guidance to 4.3-4.5% (from 4.5-4.7%) while maintaining CoC, loan growth, and CIR guidance. </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.

Bank Mandiri (BMRI IJ)2Q26 Earnings: Beat; Lower CoC Offset NIM Compression.BMRI posted 2Q26 net profit of Rp15.0tr (-2% qoq, +33% yoy), bringing 1H26 to Rp30.4tr (+24% yoy).Management lowered FY26 NIM guidance to 4.3-4.5% (from 4.5-4.7%) while maintaining CoC, loan growth, and CIR guidance. 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) 2Q26 Earnings: Beat; Lower CoC Offset NIM Compression

<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>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 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...

<ul><li>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.</li><li>Management guides for a more normalized FY26: loan growth of 7–9%, NIM at 4.6–4.8%, CoC at 0.6–0.8%, and dividend payout of 65–70%.</li><li>Maintain BUY with a higher TP of Rp6,200 based on FV PBV of 1.8x as we adjusted FY26F NP by +10%.</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 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.Management guides for a more normalized FY26: loan growth of 7–9%, NIM at 4.6–4.8%, CoC at 0.6–0.8%, and dividend payout of 65–70%.Maintain BUY with a higher TP of Rp6,200 based on FV PBV of 1.8x as we adjusted FY26F NP by +10%.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) FY25 Results: Beating Estimates on Record High 4Q25 Number

<ul><li>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.</li><li>Wholesale loans will remain the growth engine while intensified competition will pose risk on NIM amid potentially lower CoF.</li><li>\We adjusted our FY25/26F net profit est. by -1.9/+0.2% and maintain Buy rating with a higher GGM-based TP of Rp5,500.</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.

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.Wholesale loans will remain the growth engine while intensified competition will pose risk on NIM amid potentially lower CoF.\We adjusted our FY25/26F net profit est. by -1.9/+0.2% and maintain Buy rating with a higher GGM-based TP of Rp5,500.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) FY26 Outlook: Cautious on NIM Amid Higher Volume...

<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

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) 2Q26 Earnings: Beat; Lower CoC Offset NIM Compression

As pressure on NIM continues and opex normalizes in 2H26, we keep our forecasts and TP unchanged and maintain Buy rating. Robust bottom line amid...

BRI Danareksa Research

Bank Mandiri (BMRI.IJ) 1Q26 Results: Robust Earnings Growth Driven by Loan Expansion...

Robust Earnings Growth Driven by Loan Expansion and Resilient Asset QualityBMRI posted a net profit of Rp15.4tr in 1Q26, (-17% qoq, +17% yoy)

BRI Danareksa Research

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.

BRI Danareksa Research

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.

BRI Danareksa Research

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