Bank BTPN Syariah (BTPS.IJ) Robust Start in FY25
BTPS booked a net profit of Rp1.1tr in FY24 (-2% yoy), with CoC of 12.6% (FY23: 16.0%), in line with our and consensus FY24 estimates.
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Bank BTPN Syariah (BTPS.IJ) - In Line Net Profit with Improving Asset Quality Trend
BTPS booked a net profit of Rp1.1tr in FY24 (-2% yoy), with CoC of 12.6% (FY23: 16.0%), in line with our and consensus FY24 estimates.
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BTPS IJ - 9M24 in Line with Ours/Below Cons., as Persistently High CoC Dragged Down 3Q24 Earnings
BTPS booked a net profit of Rp218bn in 3Q24 (-24% qoq, -13% yoy) driven by higher qoq CoC, in line with ours but below consensus est.
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Bank BTPN Syariah - NPL Cycle Hits Bottom, A Long Road to Recovery Ahead
We re-initiate coverage on BTPS with a Hold rating and a TP of Rp1,300 based on an iCoE of 11.6% (-1SD), LTG of 3%, and FY24F ROE of 11.5%.
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Banks: Beware of Catching the Falling Knives (NEUTRAL)
Bank valuations have derated, but PBV valuations have yet to hit bottom in the past two downcycles, i.e., 2015-2016 and 2019-2020.
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