Bank Mandiri (BMRI IJ): Oct earnings on track

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:11,300 (+9.4%)
Analyst: Yap Swie Cu

Oct earnings on track
• Seasonal correction in Oct profit
• Strong top-line income came from robust expansion
• Stable margin maintained
• No pressure on loan quality
• Solid fundamentals and defensive nature support BUY call