Bank Tabungan Negara (BBTN IJ)
Analyst: Yap Swie Cu
BUY / TP: IDR:2,500 (+36.2%)
9M19: Weak earnings continue
• Weak result not entirely unexpected
• Further revision in FY19F targets
• More robust outlook in 2020
• Cropped earnings projection and target price, re-iterate BUY