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

Johannes Salim, CFA

Thematic (Sector/Industry)

Indonesia Banks / Thematic (Sector/Industry)

Bank Tabungan Pensiunan Nasional (BTPN IJ)

<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 the clear out-performer in terms of loan growth (19% YoY as of Jun 2017) amid the industry's slow loan growth recovery (9% YoY)</li>
<li>Meanwhile, <a href="https://www.smartkarma.com/entities/483" target="_blank" data-smartkarma-citation="entities:483:1">Bank Tabungan Pensiunan Nasional Tbk Pt (BTPN IJ)</a> is a step closer to unlocking operating leverage (once new investments for digital/branchless banking normalize).</li>
<li>1H17 results vindicate our investment thesis that BBTN is one of a few proven growth stocks in Indo banking sector.</li>
<li>Trading below its book value (the only…</li>
</ul>



Bank Tabungan Negara Persero (BBTN IJ) is the clear out-performer in terms of loan growth (19% YoY as of Jun 2017) amid the industry's slow loan growth recovery (9% YoY)
Meanwhile, Bank Tabungan Pensiunan Nasional Tbk Pt (BTPN IJ) is a step closer to unlocking operating leverage (once new investments for digital/branchless banking normalize).
1H17 results vindicate our investment thesis that BBTN is one of a few proven growth stocks in Indo banking sector.
Trading below its book value (the only…


Indo Small Cap Banks: Key Lessons from 1H17 Results