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BBTN: 2Q19 Disappointing Result
02 Aug 2019

BBTN: 2Q19 Disappointing Result

BBTN’s NPL deteriorated by 54 bps became to the level of 3.32% in 2Q19 (vs 2.78% in 2Q18) as the consequences of PSAK 71 implementation mainly came from its Non Performing Financing (NPF) worsening in sharia business. The company’s 1H19 net profit declined by 8.3% YoY to Rp 1.31 trillion (vs Rp 1.42 trillion in 1H18) as a result of higher CoF and 15.3% YoY provision cost hike. BBTN’s share price was traded below its 5 years average forward PBV of 1.01x while our fair value offer 4% downside potential. Maintain Neutral rating on the counter.

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