BBTN - Distributes dividends of IDR700.2 bn

BBTN - Distributes dividends of IDR700.2 bn Bank Tabungan Negara (BBTN) will distribute dividends worth IDR700.2 bn from the total profits earned in 2023. This decision was taken at the Annual General Meeting of Shareholders (AGMS), which was held on March 6, 2024. Meanwhile, the amount of dividends distributed is equivalent to 20% of the total 2023 profit of IDR3.5 tn. When compared to the previous year, the ratio of dividends distributed was greater than last year, which reached 18%. In detail, of the total dividend of IDR700.2 bn, IDR420.1 bn will be distributed to the state that holds 60% of BTN shares. The remainder will be distributed to public shareholders. (Source: Kontan) Comment : We like BBTN plan to distribute dividend. We believe its solid double-digit earnings growth in FY23 to continue this year and thus will provide ample of room for another dividend to distributes in ‘24F. FY23 dividend payout at 20% were inline with our ‘23F DPO for BBTN and we expect the ratio to sustain at the same rate, this year. Maintain BUY DDM TP of IDR1,770 pegged at 0.6x ‘24F P/B.