ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Equity Bottom-Up

Bank Tabungan Pensiunan Nasional / Equity Bottom-Up

<ul>
<li>Excellent opex control reinforces our view on high quality management of <a href="https://www.smartkarma.com/entities/483" target="_blank" data-smartkarma-citation="entities:483:1">Bank Tabungan Pensiunan Nasional (BTPN IJ)</a>.</li>
<li>BTPN has again reinvented itself by rapidly growing SME loans, sharia loans, and consumer financing amid rough patch in micro loans segment.</li>
<li>Recent IPO of sharia subsidiary is value-unlocking for BTPN as this highlights strong fundamentals of sharia business (still consolidated given the latter's 70% ownership)</li>
<li>M&amp;A catalyst could unfold in late 2018 or early 2019 if OJK approval on <a href="https://www.smartkarma.com/entities/135" target="_blank" data-smartkarma-citation="entities:135:1">Bank Danamon Indonesia Tbk (BDMN IJ)</a> acquisition by Bank of Tokyo Mitsubishi is obtained.</li>
<li>BTPN attractively trades at 1.2x/1.08x 2018/19 PB (32-33% discount to Indo banking peers).</li>
</ul>


Excellent opex control reinforces our view on high quality management of Bank Tabungan Pensiunan Nasional (BTPN IJ).
BTPN has again reinvented itself by rapidly growing SME loans, sharia loans, and consumer financing amid rough patch in micro loans segment.
Recent IPO of sharia subsidiary is value-unlocking for BTPN as this highlights strong fundamentals of sharia business (still consolidated given the latter's 70% ownership)
M&amp;A catalyst could unfold in late 2018 or early 2019 if OJK approval on Bank Danamon Indonesia Tbk (BDMN IJ) acquisition by Bank of Tokyo Mitsubishi is obtained.
BTPN attractively trades at 1.2x/1.08x 2018/19 PB (32-33% discount to Indo banking peers).


Bank Tabungan Pensiunan Nasional: Nice Share Rally but More to Go

Indonesia

PT Bank BTPN Syariah provides financial and banking services. The Bank offers funding and lending, deposits, e-banking, trade finance, insurance, and investment services. Bank Tabungan Pensiunan Nasional Syariah serves customers throughout Indonesia.

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Bank Tabungan Pensiunan Nasional: Nice Share Rally but More to Go

Excellent opex control reinforces our view on high quality management of Bank Tabungan Pensiunan Nasional (BTPN IJ). BTPN has again reinvented...

Johannes Salim, CFA