Bank Mandiri (BMRI IJ)
BUY / TP: IDR:9,200 (+16.1%)
Analyst: Yap Swie Cu

FY2019 results: On the right track
• Resilient top-line earnings growth
• Lower credit cost boosted bottom-line earnings growth
• Sluggish non-interest income growth on last year’s high base
• Re-iterate BUY