BBTN - Targeting FLPP and Tapera at 182.250units

Bank Tabungan Negara (BBTN) targeting to channeled FLPP mortgage and Tapera totaling around 182,250 units (IDR27.3 tn, assuming ASP at IDR150 mn per unit) this year. Of the total around 176.000 will contributed from FLPP or around 80% of vernment quota at 220,000 unit. (Source : Kontan). Comment: As the potential robust FLPP channeling could continue, BBTN should become as the main beneficiary. Assuming BBTN will achieved its target, FY23 interest income will arrived above our expectation. We still like the stock for its captive market for sustainable long term growth outlook. Maintain BUY, with DDM TP of IDR1,770 (0.7x ‘23F P/B).