BRI Danareksa Maintains Buy Recommendation for BBTN

Resilient Performance Amidst Banking Sector Correction

PT Bank Tabungan Negara Tbk (BBTN) has demonstrated relative resilience in the banking sector with only a 1.28% decline to Rp1,160 per share since early 2026. This compares favorably to larger state-owned banking stocks such as PT Bank Mandiri Tbk (BMRI) which has fallen 6.67% and PT Bank Negara Indonesia Tbk (BBNI) which has dropped 4.35% over the same period.

Analyst Recommendation and Target Price

BRI Danareksa Sekuritas has maintained its buy recommendation for BBTN with a target price of Rp1,300. The recommendation is primarily based on the potential for Net Interest Margin (NIM) improvement driven by the government's housing Kredit Usaha Rakyat (KUR) program in 2026. The analysts expect that BBTN's participation in this program will positively impact its interest income.

Market Context and Comparative Performance

The relatively better performance of BBTN compared to its peers can be attributed to its specific business focus and market positioning. As a state-owned bank specializing in housing loans and mortgages, BBTN has maintained a stable performance despite the broader banking sector correction.

Investment Outlook

The maintained buy recommendation by BRI Danareksa reflects confidence in BBTN's growth prospects and its ability to capitalize on government-backed housing initiatives. Investors are advised to consider BBTN for its potential upside to the Rp1,300 target price, representing a significant premium to current levels.