MatAutocompleteList - CustomStringSelector not working with default value (possible bug)

[MrVopi]

Describe the question
Hi guys, I don't know if this is a bug or I've done something wrong. My current issue is that when I am using object in MatAutocompleteList and CustomStringSelector to define which property I want to see as string in input it is working as expected when I am starting with clear input but when I am loading data from DB and I want to set loaded value as default, instead of using value.Name as specified in CustomStringSelector it is passing object Type name to input field. This is corrected automatically once clicking in and out of the input. Any ideas?
Thank you.

Expected behavior
I would expect that default value.Name should show up on initialization.

Screenshots