Bank Mandiri (BMRI IJ)
BUY / TP: IDR:7,200 (+24.7%)
Analyst: Yap Swie Cu

Results for 9M20 were above expectation
• Stronger 9M20 result stems mainly from lower credit cost
• Lower-than-expected credit cost comes amid fairly stable loan quality
• Slightly greater-than-expected core earnings
• Projection is under review – Re-iterate BUY recommendation