Mandiri Bank (BMRI) Shares Under Pressure in Early Trading Session of February 6, 2025

Shares of PT Bank Mandiri Tbk (BMRI) faced downward pressure during the early session of trading on February 6, 2025. At 10:12 AM WIB, BMRI's share price stood at Rp 5,200, down by 5.88%.

By this point, 150.35 million BMRI shares had been traded, with 28,386 transactions executed, amounting to a total transaction value of Rp 804 billion.

BMRI's shares have been closing in the red since January 24, 2025, through February 5, 2025. Over the past week, BMRI shares have declined by approximately 15%.

Although BMRI shares are down, it indicates that the stock price is currently low with a PBV (Price to Book Value) ratio of 1.78x, which is lower than the 3-year average PBV of 2.22x. The PER (Price to Earnings Ratio) stands at 8.37x (TTM), below the 3-year average PE of 11.51x.

Rahmanto Tyas Raharja, lead investment analyst at Stockbit, evaluated Bank Mandiri's (BMRI) performance for 4Q24 as neutral, reporting a net profit of Rp 13.8 trillion (-14% yoy, -11% qoq).

"This result brings the full-year net profit for FY24 to Rp 55.8 trillion (+1.3% yoy), in line with expectations as it accounts for 99% of the FY24F consensus estimate," Rahmanto stated in his report on Thursday (Feb 6, 2025).

BMRI Profit and Dividend Performance

Rahmanto noted that the lower net profit for 4Q24 was mainly due to higher operational costs. The Pre-Provision Operating Profit (PPOP) declined to Rp 21.1 trillion in 4Q24 (-6.8% yoy, -9.5% qoq), due to a 23% yoy and 36% qoq increase in operating expenses.

"There was a significant rise in general and administrative expenses, which surged 41% yoy and 63% qoq, with a 17% yoy increase over FY24," he explained.

Rahmanto also mentioned that BMRI’s management plans to maintain the dividend payout ratio (DPR) for the fiscal year 2024 at a level of ≥60% (compared to 60% in 2023), which would imply a dividend yield of approximately 6.5%, based on the intraday share price on Wednesday (Feb 5, 2025) at Rp 5,550 per share.

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