Bank Tabungan Negara (BBTN.IJ) - 3Q23 Earnings Slight Miss
9M23 net profits were below the consensus (71% of FY23F), but asset recovery might help the 4Q23 NP meet the mgmt’s lower guidance.
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Equity Strategy: Short-Term Domestic Growth Challenges in 2Q24 May Drive Further De-Risking
Our FY23 results recap shows market EPS growth of -12% yoy, but growth would reach +4.1% if we exclude one-offs (mainly from GOTO).
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Bank Tabungan Negara: Expanding Within the Housing Segment
We reiterate our BUY call on BBTN with a GGM-derived TP of IDR2,000 (implying 1.0x 2023F PBV) post the release of the 1Q23 results.
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Banking: Still on a Solid Footing
We maintain our OVERWEIGHT call on the sector with inline 2M23 monthly results at the bank only level (15.8% of our FY23F).
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