BBCA - Inline earnings with attractive valuation support

KBVS Update
Tuesday, 31 March 2026

BBCA - Inline earnings with attractive valuation support
(Maintain BUY; GGM TP: IDR9,760)

* 2M26 bank-only earnings arrived in line with our 2M26 bank-only for BBCA at 98.5%, while compared to FY figures, they came in at 16% (KBVS) and 15% (Cons.), or aligned vs 5-year average of 16%.  

* Jan26 and Feb26 inline result will significantly impact 1Q26F PATMI, which we expect to reach IDR14.64 tn (cons: IDR14.80 tn).

* Total loan growth looks weakening due to the high based effect last year. Ample liquidity remains and we like BBCA’s robust CASA growth. BBCA’s ‘26F guidance sounds achievable. Worth noting that our forecast is more conservative.

* We are adjusting several assumptions for the bank to accommodate the challenging ‘26F. Our softer BBCA’s ‘26F fair value (remaining significantly below cons) was significantly impacted by our higher assumption for BBCA’s MRP to reflect the prolonged uncertainty risk.

* Maintain *BUY with GGM-based TP of IDR9,760 (3.9x ‘26F P/B), while currently trades at 2.6x ‘26F P/B, or at its -2SD.

Regards,
Akhmad Nurcahyadi - KBVS Research