Shares of PT Bank Mandiri Tbk (BMRI) fell by 4.06% to Rp 4,490 during Monday’s trading session (September 9, 2025). A total of 200.23 million Bank Mandiri shares were traded across 39,284 transactions, with a total transaction value of Rp 916.21 billion.

The state-owned bank’s stock was heavily distributed yesterday, with foreign investors recording a net sell of Rp 347.67 billion. Year-to-date (ytd), BMRI shares have dropped 21.23%, with total foreign net sell reaching Rp 13.84 trillion during the same period.

In terms of valuation, Bank Mandiri’s stock is currently considered inexpensive compared to its historical average. Data from Stockbit Sekuritas shows that BMRI’s price-to-book value (PBV) ratio stands at 1.65x, below the -1 PBV standard deviation of the 3-year average at 1.91x. Meanwhile, the price-to-earnings ratio (PER) is at 7.45x, which is also below the -2 PE standard deviation of the 3-year average at 7.83x.

Previously, KB Valbury Sekuritas maintained its buy recommendation for BMRI shares, setting a target price of Rp 6,240 per share based on the gordon growth model (GGM).

At present, Bank Mandiri (BMRI) has yet to release its first-half 2025 financial report as it is still undergoing an audit process. However, as of May 2025, the bank-only net profit reached Rp 4.5 trillion (-2% yoy, +26% mom). This brought total net profit for the first five months of 2025 (5M25) to Rp 19.7 trillion (flat yoy).

Dividend Potential
According to Stockbit Sekuritas’ review, these results are relatively in line with consensus expectations, which forecast consolidated net profit for 2025F to remain flat at around +0.3% yoy. On a monthly basis, BMRI’s performance improved in May 2025 after the Eid al-Fitr period.

“The company’s performance realization during 5M25 – which in general resembled the results of 1Q25 – indicates that the 2Q25 trend is unlikely to differ much from 1Q25, unless there is a significant change in June 2025,” Stockbit Sekuritas stated in its recent analysis.

Stockbit further noted that as of June 25, 2025 (with the share price at Rp 4,880), BMRI was trading at a valuation of 1.46x 1–Year Forward P/BV, nearing the -1 standard deviation (1.42x) below the 5-year historical average.

At this level, BMRI is estimated to offer a minimum dividend yield of 7%. This implies a potential dividend payout of at least Rp 340 per share. For comparison, in the 2024 fiscal year, Bank Mandiri distributed a dividend of Rp 466.18 per share, which was paid on April 23, 2025.