Bank Mandiri (BMRI IJ)
BUY / TP: IDR:8,350 (+18.4%)
Analyst: Yap Swie Cu

Above expectation on one-off gain
• In line with our estimate if one-off gain in 4Q20 is excluded
• Core earnings in 4Q20 were supported by margin improvement and business expansion
• Building a greater buffer
• We re-iterate our BUY call