Bank Mandiri (BMRI IJ): 1H19 results: In-line, roll forward valuation

Bank Mandiri (BMRI IJ)
Analyst: Yap Swie Cu
BUY / TP: IDR9,200 (+15.4%)
1H19 results: In-line, roll forward valuation
• In line results
• Business expansion and manageable opex support top-line earnings
• Limited margin compression
• Improving loan quality and coverage level…
• ... with a note
• Valuation