PPERY - Bank Mandiri: Improving Asset Quality And New Management Team In Place
Elevator Pitch
I upgrade my rating for Indonesia-listed PT Bank Mandiri (Persero) Tbk (OTCPK:PPERY) (OTCPK:PPERF) [BMRI:IJ] from "Neutral" to "Bullish". I am positive on Bank Mandiri's improvement in asset quality and the bank's new management team line-up. Bank Mandiri's asset quality improved in 4Q2019 with lower NPL ratio and credit costs, as its shift to lower-risk segments and implementation of an early warning system paid off. Concerns over a change in strategic direction for Bank Mandiri with former CEO Kartika Wirjoatmodjo's resignation were allayed, when the new management team was put