Bank Mandiri (BMRI IJ): Profit in 2025 beat estimates on lower costs

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,300 (+44.6%)
Analyst: Yap Swie Cu

Profit in 2025 beat estimates on lower costs
• Lower-than-expected opex and provision expenses
• Robust expansion drove the stronger 4Q25 top line
• Modest 2026 targets
• Re-iterate BUY on attractive dividend yied