In today’s briefing:
- Indonesian Banks – Re-Iterate Buy on Value and Growth-Potential Bank Mandiri (BMRI IJ)
Indonesian Banks – Re-Iterate Buy on Value and Growth-Potential Bank Mandiri (BMRI IJ)
- We believe that, despite the macro-economic challenges of Indonesia, investor sentiment is no longer worsening and may even be improving as reflected in the banks’ PBV ratio trends
- We re-iterate our buy rating on Bank Mandiri for its improving return trends, solid credit quality, attractive valuations and its asset-sensitivity at a time of higher benchmark rates
- Mandiri also has relatively limited exposure to domestic government bonds, which should limit any hit to core capital at this time of high bond yields
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