FR CGS-CIMB (YU) : Bank Mandiri
3Q18 results: qoq improvement on all fronts, aside from relatively weak topline growth
Mkt.Cap:US$20,253.00m | Avg.Daily Vol:US$14.96m | Free Float:40.00%
Banks
Author(s): Jovent GIOVANNY +62 (21) 3006 1727, Timothy HANDERSON, Leonardo TUKIMAN
--------------------------------------------------------------------------------
â– 9M18 net profit of Rp18.1tr (+20% yoy) was in line with estimates. PPOP growth was moderate (+7% yoy) due to relatively weak NII.
â– NIM, liquidity (LDR) and asset quality all improved qoq. Continual focus on the corporate segment may provide buffer to margin and asset quality.
â– We maintain our Add rating and fine-tune our FY18-20 forecasts. Downside risks are higher bond yields and rupiah depreciation
Komentar
Posting Komentar