BBTN - Has distributed KPR around IDR52tn

BBTN - Has distributed KPR around IDR52tn As a bank that focuses on home ownership, Bank Tabungan Negara (BTN) also encourages informal sector workers to own housing. This is reflected in the continued increase in Rupiah Ownership Credit (KPR) to this sector which continues to increase. During its 47 years of existence, BTN has distributed KPR to the informal sector amounting to IDR 52tn. Of which, there are around 410,000 units financed. This value has increased over the last five years. During this time period, BTN distributed around 133,000 KPR units or IDR 22tn to the informal sector. (Source: Kontan) Comment: We believe BBTN will continue to become as the benchmark for the development and continuing subsidy mortgage growth going forward. The consistent effort on strengthening non subsidy housing and non-housing segment will become as additional growth catalyst. Maintain BUY BBTN DDM TP of IDR1,770 (0.6x ‘24F P/B).