External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Indonesian Banks – Keep Buy on Bank Mandiri (BMRI IJ), Downgrading Bank Negara (BBNI IJ) To Neutral

Indonesian Banks – Re-Iterate Buy on Value and Growth-Potential Bank Mandiri (BMRI IJ)

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)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...