Bank Mandiri (BMRI IJ): Stronger-than-expected 1Q21 results

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:8,200 (+35.5%)
Analyst: Yap Swie Cu

Stronger-than-expected 1Q21 results
• Meaningful contribution from BRIS integration …
• … and solid bank-only performance
• Core fee-based income was still sluggish, but outlook is promising from mobile app fees
• Credit cost was within guidance
• Management revises up 2021F targets, potential upside to earnings projection. Re-iterate BUY