Jakarta \u2014 Senior Market Analyst at Mirae Asset Sekuritas Indonesia,\nNafan Aji Gusta, said that PT Bank Tabungan Negara Tbk (BBTN) shares\ncontinue to show a resilient performance amid the weakness in the stocks\nof four giant banks, which are now in a downtrend.<\/p>\n
BBTN shares rose 1.18% to Rp1,285, and year-to-date (YTD) they still\nrose by 9.36% amid global economic pressures and a weaker rupiah.<\/p>\n
BBTN\u2019s share price has grown 5.33% over the last three months, 6.64%\nover the past six months, and surged 46.02% over the past year.<\/p>\n
\u201cBBTN\u2019s valuation at present is relatively cheap. Based on data on\nthe HOTS platform from Mirae Asset Sekuritas Indonesia, BBTN trades at a\nprice-to-book value (PBV) of around 0.5 times and a price-to-earnings\nratio (P\/E) of around 4.1 times. With such valuations, BBTN falls into\nthe undervalued category and remains attractive for investors as a\ndefensive stock,\u201d Nafan said in a formal statement, Jakarta,\nWednesday.<\/p>\n
Moreover, Nafan noted that BBTN\u2019s loan disbursement in the first\nquarter of 2026 grew by around 10%. He said that a reduction in the cost\nof credit is a strong indicator of improving asset quality.<\/p>\n
He also assessed that positive sentiment for BBTN is supported by its\nstrategic role in backing the government programme to provide 3 million\nhomes. In addition, the spin-off of its Sharia unit is seen as an\nadditional catalyst for BBTN\u2019s shares.<\/p>\n
Furthermore, BBTN\u2019s resilience is partly attributed to its lack of\nexposure to foreign-currency-denominated cooperative credit, as BTN\u2019s\nmain focus is on lending, particularly in the property sector.<\/p>\n
\u201cBecause there are subsidised and non-subsidised Home Ownership Loans\n(KPR) that are not directly connected to fluctuations in foreign\nexchange rates,\u201d he said.<\/p>\n
Liza Camelia Suryanata, Head of Research at Kiwoom Sekuritas\nIndonesia, said BBTN is currently the cheapest among large banks in\nterms of valuation. She noted that BBTN trades at a PBV of around 0.54\ntimes and a price-earnings ratio (PER) still in the low single-digit\nrange.<\/p>\n
BBTN\u2019s cheap valuation is supported by earnings growth and solid loan\ngrowth in the first quarter of 2026.<\/p>\n
BBTN is also said to be entering the deep value play category as it\ntrades at around a PER of 5.36 times, even though the company\u2019s earnings\ncontinue to grow in double digits and its position remains strategic as\na leading national mortgage lender.<\/p>\n
However, Liza notes that the market still discounts BBTN fairly\nheavily due to the company\u2019s sensitivity to cost of funds, liquidity,\nand property interest rate cycles being higher than those of peers.<\/p>\n
\u201cTherefore, BBTN is more suitable for aggressive investors who\nbelieve in the possibility of lower interest rates in the second half of\n2026,\u201d she said.<\/p>\n
Industry practitioner Hans Kwee stated that valuations of blue-chip\nstocks and banks are currently cheap, with BBTN among them as it closed\nin the green.<\/p>\n
Investor confidence in the state-owned enterprise is linked to its\nsolid fundamentals. By Q1 2026, BBTN reported a net profit of Rp1.1\ntrillion, up 22.6% YoY. This was supported by loan disbursement of\nRp400.63 trillion, up 10.3% YoY.<\/p>\n
Loan disbursement was also supported by third-party funds (DPK) of\nRp422.63 trillion, up 9.9% YoY from Rp384.70 trillion in Q1 2025.<\/p>\n
BBTN\u2019s current account and savings account (CASA) rose 7.9% YoY to\nRp212.11 trillion, contributing 50.2% of total DPK. The cost of funds\nimproved to 3.0% in Q1 2026, down from 4.0% in the same period a year\nearlier.<\/p>\n
The solid performance of loans and DPK helped the bank\u2019s assets grow\nby 10.5% YoY to Rp517.54 trillion as of Q1 2026.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/analyst-bbtn-shares-still-show-resilient-performance-1779545781", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }