BMRI - AGM approved DPO at 60%

AGM of Bank Mandiri (BMRI) approved to distribute FY22 PATMI amounting IDR24.7 tn as dividend or equal to DPO of 60% and around IDR529.3 per share. (Source : Kontan). Comment : We like BMRI DPO which equal to yield of 5.31% and only around 40 bps vs our dividend yield forecast for BMRI. We believe this year PATMI to remain resilient and thus will continue to provide ample of room for stable high dividend ing forward