Bank Mandiri (BMRI IJ): Below 1H25 results on soaring opex

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,300 (+66.7%)
Analyst: Yap Swie Cu

Below 1H25 results on soaring opex
• One-off adjustment in opex
• Top-line performance remained resilient
• Asset quality remained sound
• Management turns to more conservative guidance
• Net profit estimate adjusted down. Re-iterate BUY on BMRI’s undemanding valuation and strong fundamentals