BBCA - Price down 5.3%, Jahja Setiaadmadja increases stake in BBCA

BBCA - Price down 5.3%, Jahja Setiaadmadja increases stake in BBCA Jahja Setiaadmadja, President Commissioner of Bank Central Asia (BBCA), was seen buying 67,000 BBCA shares in Monday’s (2/2) trading. Jahja snapped up the shares at IDR 7,450 apiece. In total, he spent IDR499.15 mn on the transaction, lifting his shareholding to 35 mn shares, or 0.03%. According to an official disclosure from the Indonesia Stock Exchange (IDX), the transaction was carried out for investment purposes, with direct ownership. Notably, the purchase price fell within BBCA’s normal trading range on Monday (2/2), when the stock fluctuated between IDR7,325 and IDR7,600. BBCA shares closed up 2.7% at IDR7,600. On the other hand, BBCA’s share price has fallen 5.3% since the start of the year and has dropped 18.72% over the past 12 months. (Source : Idn Financials) Comment : We are reaffirming our conviction on BBCA, grounded in the bank’s proven capacity for earnings resilience and its rock-solid fundamental health. As we look toward 2026, the primary narrative remains centered on BBCA's dominant transactional banking ecosystem and its enviable low-cost funding base, complemented by a consistent attractive dividend yield. Despite a lingering dip in broader market sentiment, we believe the catalyst for a valuation re-rating remains firmly in place. Our view is supported by several internal strengths: (1) a combination of receding funding costs and "sticky" loan yields, (2) consistently lean Cost-to-Income Ratio (CIR), (3) potential steady robust non-interest income and (4) provisions that remain well managed. Maintain BUY with GGM-based TP of IDR11,080 (4.1x ‘26F P/B).