Bank Mandiri (BMRI IJ)
BUY / TP: IDR:8,200 (+36.7%)
Analyst: Yap Swie Cu

Resilient performance continues in Apr
• Eased credit cost supported bottom-line profit
• Relatively stable net interest income …
• … with fee-based income gradually back to pre-pandemic level
• Our 2021F earnings projection is revised up and we re-iterate our BUY call