Update shared on 16 Nov 2025
Fair value Increased 0.51%Analysts have increased their price target for Bank Mandiri (Persero) from IDR 5,439 to IDR 5,467. They cite anticipated benefits from supportive government liquidity measures as the rationale for their updated outlook.
Analyst Commentary
Amid ongoing evaluation of Bank Mandiri (Persero)'s market position, analysts have provided insight into the key factors influencing their outlook. These perspectives help clarify the rationale for recent upgrades and revised price targets.
Bullish Takeaways- Bullish analysts point to the expected benefits of government liquidity injections, which are anticipated to strengthen Bank Mandiri's balance sheet and support sector stability.
- Growth prospects are viewed favorably as enhanced liquidity positions the bank to accelerate loan growth and expand its market share.
- Improved cost of funds, spurred by strategic deposit mobilization, is expected to reinforce profitability and margin performance.
- Recent upgrades reflect confidence in management’s ability to capitalize on the supportive regulatory environment. This has contributed to upward revisions in valuation.
- Bearish analysts remain cautious about execution risks related to scaling up while maintaining asset quality, particularly as lending activities expand.
- There is some concern that sector-wide liquidity improvements could intensify competition. This may pressure future margins.
- While the government’s measures provide temporary support, questions remain about the long-term sustainability of growth without continued external interventions.
- Valuation is noted as increasingly full, with several risks potentially limiting further upside if loan growth or profitability underperforms expectations.
What's in the News
- PT Bank Mandiri (Persero) Tbk has announced a Special/Extraordinary Shareholders Meeting scheduled for December 19, 2025 (Key Developments).
Valuation Changes
- The Fair Value Estimate has increased slightly from IDR 5,439 to IDR 5,467, reflecting an improved outlook.
- The Discount Rate has decreased modestly from 14.53% to 14.21%, indicating reduced perceived risk.
- The Revenue Growth projection has dipped from 12.16% to 11.89%, suggesting slightly more conservative future growth expectations.
- The Net Profit Margin forecast has edged up from 31.98% to 32.21%, pointing to improved profitability assumptions.
- The Future Price-to-Earnings (P/E) ratio has declined marginally from 12.07x to 12.03x, signaling small changes in market valuation expectations.
Disclaimer
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