BBTN - Offers 2.99% KPA interest

BBTN - Offers 2.99% KPA interest Bank Tabungan Negara (BBTN) together with property developers continues to strive to boost the distribution of home ownership credit (KPR) and apartment ownership credit (KPA) towards the end of the year. Most recently, BTN established a strategic partnership with property developer Sinarmas Land to provide special offers for housing seekers, especially for those who want to own Southgate Residence Apartment units, South Jakarta. According to BBTN, through this partnership his party is presenting a series of attractive and profitable promotions for prospective buyers. Southgate Residence is located in a strategic and premium area, South Jakarta area, precisely on the side of Jalan TB Simatupang. This apartment has three residential apartment towers, namely Elegance, Prime, and Altuera which are integrated with AEON Mall Tanjung Barat. (Source: Kontan). Comment: We believe the cooperation will create meaningful impact to BBTN non subsidy mortgage segment. We expect both non-housing segment and non-subsidy mortgage loan to overallstrengthened total loan to arrive better than 2023. Maintain BUY with GGM-based TP of IDR1,770 (0.6x ‘24F P/B).