FR CGS-CIMB (YU) : Bank Mandiri
3Q18 results: qoq improvement on all fronts, aside from relatively weak topline growth
BMRI IJ / BMRI.JK | ADD - Maintained | Rp6,575.00 tp:Rp9,800.00
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
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■ 9M18 net profit of Rp18.1tr (+20% yoy) was in line with estimates. PPOP growth was moderate (+7% yoy) due to relatively weak NII.
■ NIM, liquidity (LDR) and asset quality all improved qoq. Continual focus on the corporate segment may provide buffer to margin and asset quality.
■ We maintain our Add rating and fine-tune our FY18-20 forecasts. Downside risks are higher bond yields and rupiah depreciation
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