BBTN.JK | OUTPERFORM - Maintained | Rp1,410.00 - Tgt. Rp1,870.00

BBTN IJ / BBTN.JK | OUTPERFORM - Maintained | Rp1,410.00 - Tgt. Rp1,870.00 

Mkt.Cap: US$1526m | Avg.Daily Vol: US$3.94m | Free Float: 38.60% 

Banks | Author(s): Soegiarto HADI, FRM,  

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▊ BTN's share price has adequately priced in the spike in NPLs, falling 18% from recent peak. The issue can be resolved, and management's corrective actions should bear fruit over the coming quarters. Growth driver from dominance in affordable housing mortgages is intact. We cut FY13-15 earnings by 4-7% to account for higher NPL. We lower our GGM-based target price by 7% (LTG: 10%; ROE: 18.0%), but maintain the Outperform rating.

source : listri adistri