Bank Tabungan Negara (BBTN IJ): Projection and target price adjusted

Bank Tabungan Negara (BBTN IJ)
BUY / TP: IDR:1,950 (+30.9%)
Analyst: Yap Swie Cu

Projection and target price adjusted
• IFRS9 has IDR7.5tn (US$523.2mn) impact
• Maintaining conservative projection
• Despite lower earnings, book value estimates, we re-iterate BUY