(BBTN IJ / BBTN.IJ, OUTPERFORM - Maintained, Rp1,060 - Tgt. Rp1,450, Financial Services)
Maintain Outperform on BTN. FY09 results were ahead of consensus and our expectations, on lower-than-expected provisioning charges. Net and core profits formed 112% and 110% of our forecasts, respectively. Quarterly ROA strengthened to 1.2% from 0.9% in 3Q09, mainly on margin and cost-ratio improvements. On adjusting the beginning balance for 2010, we raise our FY10-12 EPS estimates by 4-5%, which lifts our Gordon Growth-based target price to Rp1,450 from Rp1,300. BTN remains one of our sector picks given its sustainable dominance of the mortgage market.
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