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Kamis, 30 Juni 2011

Bank Tabungan (BTPN IJ) company visit - CLSA

Dee recently visited BTPN and came away impressed with the operation and management. Currently BTPN loan book is 80% pension and 20% micro however increased emphasis and growth in micro should see this split go 70:30 within the next year.
BTPN currently trades broadly in-line with the Indonesian bank average. BTPN currently trades at 2.5x and 11.6x 12CL PB and PE (versus sector average 2.3x PB, 11.3x PE). However BTPN profitability and growth metrics are superior with ROA of 3.3% 11CL (vs. sector 2.6%) and ROE of 26.4% (vs. sector 22.2%) and total loan growth of 29% (vs. sector 22-24%). Please see attached for details.

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