Mandiri's immediate growth strategy is to pursue more high-yield businesses, backed by its recent acquisitions of Bank Sinar and Tunas Finance. Its deposits strategy should also reward the bank with lower costs of funds, upon successful implementation. Our analysis shows that enhancing margins will boost its ROEs, warranting upside in valuations. Mandiri is our top pick, where we see more upside than downside.
Maintain Outperform and DDM-based target price of Rp2,700.
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