Bank Tabungan Negara (BBTN IJ)
HOLD-OPF / TP: IDR:1,940 (+4.0%)
Analyst: Yap Swie Cu

In line Nov results – Downgrade to HOLD
• Resilient Nov results with no surprises
• First TPF contraction after five consecutive months of strong growth
• Stable credit cost
• Downgrade to HOLD amid sharp share price appreciation