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Equity Bottom-Up

Bank Tabungan Negara Persero / Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/731" target="_blank" data-smartkarma-citation="entities:731:1">Bank Tabungan Negara Persero (BBTN IJ)</a> is a mortgage powerhouse, with a leading 34% market share in the country.</li><li>Importantly, mortgage is in a sweet spot, growth-wise, thanks to 1) low penetration 2) huge housing backlog and 3) "One Million Houses" government program.</li><li>BBTN trades at a compelling 8.4x/1.21x 2017 PE/PB, vs. average Indo banking sector's 12.2x/1.78x.</li><li>We recommend a Buy on BBTN with GGM-derived PT of Rp3,100/share, a 24% upside potential from current share price. </li></ul>

Bank Tabungan Negara Persero (BBTN IJ) is a mortgage powerhouse, with a leading 34% market share in the country.Importantly, mortgage is in a sweet spot, growth-wise, thanks to 1) low penetration 2) huge housing backlog and 3) "One Million Houses" government program.BBTN trades at a compelling 8.4x/1.21x 2017 PE/PB, vs. average Indo banking sector's 12.2x/1.78x.We recommend a Buy on BBTN with GGM-derived PT of Rp3,100/share, a 24% upside potential from current share price. 

Bank Tabungan Negara: Mortgage Powerhouse in a Sweet Spot