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BTPS
Contact our analyst Lingga

21% upside. BUY.
9th April, 2021
Price Rp3350
Target price Rp4060

Stronger Net Profit
Net Profit recorded a significant increase of 249% QoQ to IDR 348 billion in the 4Q20. This rapid recovery was driven by higher Net interest income which rose by 11.9% QoQ. Expenses decreased by IDR 115 billion, down 3%, and PPOP was up 4%. Management is more optimist that the cost of funds will be lowered by around 4%.

Financing growth
In FY20, Financing reached IDR 9.52 trillion, up 6% YoY, this growth was driven by the gradual easing of restrictions related to COVID-19, which led to greater mobility for BTPS officers. BTPS management emphasized that the bank will continue to maintain close relations with its borrowers through regular visits. Also, BTPS helps sell its customers' products through several e-commerce marketplaces such as Tokopedia, Shopee, and Bukalapak. In this way, borrowers can also expand their sales funnel beyond the surrounding area, potentially helping them generate higher income in the future. We estimate an increase in bank financing growth to 12% YoY this year supported by the gradual economic recovery in Indonesia.

Asset Quality
The decline in asset quality will gradually ease from rescheduling of the monthly installments for most of the affected borrowers as BTPS management views that most of them have continued their business even though their financial health has not returned to pre-COVID-19 levels, yet. We estimate that NPLs will reach 1.8% in 2021F

Valuation: 21% Upside, Buy.
Based on our DDM Valuation, we have a target price within one year of IDR 4,060, or trading at 3.9x PBV which gives 21% potential upside, Buy.
Download full report here
Previously
​BTPS Jan2021
​BTPS Aug2020
​BTPS Jul2020
​BTPS Apr2020
PT. Binaartha Sekuritas

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