Bank Tabungan Negara (BBTN IJ): Major beneficiary of rate declines

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:2,100 (+43.8%)
Analyst: Yap Swie Cu

Major beneficiary of rate declines
• Earnings remained muted in Aug
• Gradual improvement in top-line income
• Stable credit cost amid manageable loan quality
• BBTN is a major beneficiary of the rate-decline environment. We thus re-iterate our BUY rating