Shares of Bank Tabungan Negara (BBTN) advanced 6.2% to Rp1030 on Friday (Feb 7) with over 138 million shares exchanged hands. Other than broad market sentiment, some continue to speculate on acquisition of the bank by either Bank Rakyat Indonesia (BBRI) or Bank Mandiri (BMRI). Others were on speculative buy from a relatively cheaper valuation than peers, given improvement of the bank’s asset quality.  In this issue, however, we will only discuss about credibility of the merger & acquisition story.

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