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PPERY - Bank Mandiri: Short-Term Pain Long-Term Gain
Bank Mandiri Persero Tbk PT ADR
Elevator Pitch
I maintain a Bullish rating for Indonesia-listed PT Bank Mandiri (Persero) Tbk (OTCPK:PPERY) (OTCPK:PPERF) [BMRI:IJ].
Bank Mandiri revised its FY2020 loan growth guidance downwards from +8%-10% to a "slight contraction," but it is targeting a sustainable loan CAGR of +10% by 2024 as part of its new five-year corporate plan. Bank Mandiri's net interest margin is under pressure with the third benchmark interest rate cut in 2020, market consensus expects its net interest margin to decline by -100 basis points to 4.6% in FY2020. Loans restructured due to the