• Bank Tabungan Pensiunan Nasional Tbk Pt (BTPN IJ) is a misunderstood small cap bank stock given 1) digital banking/branchless initiatives 2) strong management and 3) well under-control NPL ratios. 
• BTPN trades at a compelling 7.3x/0.84x 2017 PE/PB, vs. average Indo banking sector's 12.2x/1.78x.
• We recommend a Buy on BTPN with GGM-derived PT of Rp3,500/share, a 40% upside potential from current share price. 

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