Bank Tabungan Negara (BBTN IJ): 1Q19 results: Weak top-line earning on sharp margin compression

Bank Tabungan Negara (BBTN IJ)
Analyst: Yap Swie Cu
BUY / TP: IDR2,900 (+10.3%)
1Q19 results: Weak top-line earning on sharp margin compression
• Weak top-line earnings dragged by margin compression
• Resilient lending growth with seasonal slight increase in NPL ratio
• Strong fee-based income and lower-than expected credit cost supported bottom-line profit
• Valuation and recommendation