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BTPS
Contact our analyst Lingga

13% upside. HOLD.
1st August, 2020
Price Rp3450
Target price Rp3910

Net Income decreased
In 2Q20, Net Income was down 99% QoQ, at IDR. 4 billion because of a decrease in revenue largely due to delayed payments by the ~ 55% of customers in red zones. Interest income decreased 36% QoQ as collecting payments from borrowers was an issue in 2Q20 due to the partial lockdown. As BTPS recognizes revenue on a cash basis, the inability to collect payments results in lower income. Operational Expense decreased significantly by 21% QoQ, due to reduced operational activities, and Capital expenditure.

NPF increased slightly
NPL increased slightly by 1.8% from 1.4% in 1Q20. In June Customers considered to be at risk of default fell to 30% from 50% in May as customers entered the restructuring program and were given a 3-6 month vacation from payments.

BTPS level Book III
As it has enough capital in accordance with the provisions, which is  core capital of more than IDR. 5 trillion, and a CAR ratio of 42.3%. BTPS is a level Buku 3 bank and can participate in the government stimulus  program. To this end, BTPS has already signed an agreement with insurance companies Jamkrindo and Askrindo Syariah. It is hoped that participating in the stimulus program will further increase CAR to 43-44%.

Valuation: 13% Upside, Hold.
Based on our DDM Valuation, we have a target price within one year of IDR 3910, or trading at 3.3x PBV which gives 13% potential upside, Hold.
Download full report here
Previously
​BTPS Jul2020
​BTPS Apr2020
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920

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