Corporate Updates
Bank Tabungan Negara (BBTN IJ): Lowering earnings estimation and target price
Bank Tabungan Negara (BBTN IJ)
Analyst: Yap Swie Cu
BUY / TP: IDR2,900 (+22.4%)
Lowering earnings estimation and target price
• FY19F earnings to be dragged by rising credit cost
• Higher NPL on new assessment
• Top line earnings to be driven by lending expansion and stable margin
• Valuation and recommendation