Analyst: BBTN shares still show resilient performance
Jakarta — Senior Market Analyst at Mirae Asset Sekuritas Indonesia, Nafan Aji Gusta, said that PT Bank Tabungan Negara Tbk (BBTN) shares continue to show a resilient performance amid the weakness in the stocks of four giant banks, which are now in a downtrend.
BBTN shares rose 1.18% to Rp1,285, and year-to-date (YTD) they still rose by 9.36% amid global economic pressures and a weaker rupiah.
BBTN’s share price has grown 5.33% over the last three months, 6.64% over the past six months, and surged 46.02% over the past year.
“BBTN’s valuation at present is relatively cheap. Based on data on the HOTS platform from Mirae Asset Sekuritas Indonesia, BBTN trades at a price-to-book value (PBV) of around 0.5 times and a price-to-earnings ratio (P/E) of around 4.1 times. With such valuations, BBTN falls into the undervalued category and remains attractive for investors as a defensive stock,” Nafan said in a formal statement, Jakarta, Wednesday.
Moreover, Nafan noted that BBTN’s loan disbursement in the first quarter of 2026 grew by around 10%. He said that a reduction in the cost of credit is a strong indicator of improving asset quality.
He also assessed that positive sentiment for BBTN is supported by its strategic role in backing the government programme to provide 3 million homes. In addition, the spin-off of its Sharia unit is seen as an additional catalyst for BBTN’s shares.
Furthermore, BBTN’s resilience is partly attributed to its lack of exposure to foreign-currency-denominated cooperative credit, as BTN’s main focus is on lending, particularly in the property sector.
“Because there are subsidised and non-subsidised Home Ownership Loans (KPR) that are not directly connected to fluctuations in foreign exchange rates,” he said.
Liza Camelia Suryanata, Head of Research at Kiwoom Sekuritas Indonesia, said BBTN is currently the cheapest among large banks in terms of valuation. She noted that BBTN trades at a PBV of around 0.54 times and a price-earnings ratio (PER) still in the low single-digit range.
BBTN’s cheap valuation is supported by earnings growth and solid loan growth in the first quarter of 2026.
BBTN is also said to be entering the deep value play category as it trades at around a PER of 5.36 times, even though the company’s earnings continue to grow in double digits and its position remains strategic as a leading national mortgage lender.
However, Liza notes that the market still discounts BBTN fairly heavily due to the company’s sensitivity to cost of funds, liquidity, and property interest rate cycles being higher than those of peers.
“Therefore, BBTN is more suitable for aggressive investors who believe in the possibility of lower interest rates in the second half of 2026,” she said.
Industry practitioner Hans Kwee stated that valuations of blue-chip stocks and banks are currently cheap, with BBTN among them as it closed in the green.
Investor confidence in the state-owned enterprise is linked to its solid fundamentals. By Q1 2026, BBTN reported a net profit of Rp1.1 trillion, up 22.6% YoY. This was supported by loan disbursement of Rp400.63 trillion, up 10.3% YoY.
Loan disbursement was also supported by third-party funds (DPK) of Rp422.63 trillion, up 9.9% YoY from Rp384.70 trillion in Q1 2025.
BBTN’s current account and savings account (CASA) rose 7.9% YoY to Rp212.11 trillion, contributing 50.2% of total DPK. The cost of funds improved to 3.0% in Q1 2026, down from 4.0% in the same period a year earlier.
The solid performance of loans and DPK helped the bank’s assets grow by 10.5% YoY to Rp517.54 trillion as of Q1 2026.