BBTN - Intact 5M26 Earnings; Sell-Off Hit Stress Test Floor

KBVS update
Thursday, 25 June 2026

BBTN - Intact 5M26 Earnings; Sell-Off Hit Stress Test Floor
(Maintain BUY; TP: IDR1,530)

* 5M26 bank-only earnings jumped +23.6% YoY, 40.6% (KBVS/above) / 39.5% (cons/inline) ‘26F vs. 5YR hist. avg. of 37.3%. Total loans grew +8.1% YoY, surpassing ‘26F guidance 8% floor, while total TPF expanded +8.3% YoY (BBTN’s ‘26F: 7-9% YoY), driven largely by +10.4% YoY surge in CASA.

* NIM remained flat YoY, while CoC improved sharply, dropping -56bps YoY and -58bps YTD to 0.79%, outperforming ‘26F guidance floor of 1.0%–1.2%.

* We ran a GGM stress test by hiking the Rf by 100 bps and the (ERP) by 240 bps. This established a structural baseline floor of IDR 1,070. Maintain BUY TP of IDR 1,530 (0.6x ‘26F P/B), currently trades at 0.4x 26F P/B, at its -1 SD of 0.4x 26F P/B.

Regards,
Akhmad Nurcahyadi - KBVS Research team