Bank Tabungan Negara (BBTN IJ): Expect FY19F earnings to miss target
Bank Tabungan Negara (BBTN IJ) BUY / TP: IDR:2,500 (+17.4%) Analyst: Yap Swie Cu
Expect FY19F earnings to miss target • Rising bad loans pressurized earnings • Positive Dec 2019 earnings to be expected at the expense of lower-than-targeted loan-loss coverage • Expect lower-than-projected FY2019F earnings, equity balance • No positive catalyst to share price until final results come out
