Bank Tabungan Negara (BBTN IJ): Soft May earnings

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:2,500 (+67.8%)
Analyst: Yap Swie Cu

Soft May earnings
• Slow month
• Eased upper-line earnings
• Credit costs surge
• Undemanding valuation, resilient business outlook and fundamentals support BUY call