Bank Mandiri (BMRI) – Maintain BUY
Price: Rp7,000 – Target Price: Rp8,300
Still on the right track
- As of 1Q11, BMRI recorded net income of Rp3.9 tr, above our expectation.
- Portfolio of small, micro and commercial loan was enhanced.
- Cost to income shrank significantly to 31.7% from 42% on FY11.
- We revise our forecast incorporating recovery loan and unused loan provision.
- We upgrade our target price as a result of forecast upgrade. TP Rp8,300.
- Maintain Buy.
- Bank Mandiri (BMRI) - Still On The Right Track (174.2 KiB)