External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>Bank Central Asia (BBCA IJ)2Q26 Earnings: Inline with lower CoC offsetting the compressed NIM, BBCA booked 2Q26 NP of Rp14.9tr (flattish qoq and yoy) bringing 1H26 NP to Rp30.3tr (+2% yoy), inline with ours and consensus.</li><li>Driven by higher yield in corporate loans, management expects higher NIM in 2H26 while remained cautious on retail lending.</li><li>We maintained our forecasts unchanged but lowered our TP to Rp8,600 as we lowered CoE multiple to -1SD reflecting higher Rf.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Central Asia (BBCA IJ)2Q26 Earnings: Inline with lower CoC offsetting the compressed NIM, BBCA booked 2Q26 NP of Rp14.9tr (flattish qoq and yoy) bringing 1H26 NP to Rp30.3tr (+2% yoy), inline with ours and consensus.Driven by higher yield in corporate loans, management expects higher NIM in 2H26 while remained cautious on retail lending.We maintained our forecasts unchanged but lowered our TP to Rp8,600 as we lowered CoE multiple to -1SD reflecting higher Rf.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Central Asia (BBCA.IJ) 2Q26 Earnings: Inline with Lower CoC Offseting the Compressed NIM

<ul><li>BBCA booked NP of Rp14.1tr in 4Q25 bringing its FY25 NP to Rp57.5tr (+5% yoy), slightly above our estimate but in line with consensus.</li><li>Management expects a higher loan growth of 8-10%, lower NIM of 5.4- 5.6%, stable CoC of 40-50bps, and improving consolidated CIR at 31-33%.</li><li>Maintain BUY with a higher TP of Rp11,400 taking into account the higher FY26F ROE as we adjusted FY26 earnings by +5% from lower opex.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBCA booked NP of Rp14.1tr in 4Q25 bringing its FY25 NP to Rp57.5tr (+5% yoy), slightly above our estimate but in line with consensus.Management expects a higher loan growth of 8-10%, lower NIM of 5.4- 5.6%, stable CoC of 40-50bps, and improving consolidated CIR at 31-33%.Maintain BUY with a higher TP of Rp11,400 taking into account the higher FY26F ROE as we adjusted FY26 earnings by +5% from lower opex.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Central Asia (BBCA.IJ) FY25 Results: Improving Asset Quality and CASA Deposit...

<ul><li>Driven by lower earning asset yield amid lower interest rate environment, offsetting the lower CoF, we expect lower NIM for FY26F.</li><li>We forecast FY26 net profit growth of 2% yoy driven by higher loan growth and lower credit costs, offsetting the lower NIM.</li><li>We roll forward our valuation to FY26F with ROE of 19.8% and CoE of 6.8%, resulting in a lower TP of Rp10,800, i.e., maintain BUY rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Driven by lower earning asset yield amid lower interest rate environment, offsetting the lower CoF, we expect lower NIM for FY26F.We forecast FY26 net profit growth of 2% yoy driven by higher loan growth and lower credit costs, offsetting the lower NIM.We roll forward our valuation to FY26F with ROE of 19.8% and CoE of 6.8%, resulting in a lower TP of Rp10,800, i.e., maintain BUY rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank Central Asia (BBCA.IJ): Higher Volume and Better Asset Quality to Drive Earnings Growth

Macroeconomics

<ul><li>BRIDS Market Pulse In the spotlight JCI major correction and foreign outflow post MSCI comment JCI posted a -6.9% w-w correction alongside US$831mn of foreign outflows following MSCI’s latest statement on Indonesia.</li><li>Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS, BBCA, DSSA).</li><li>On the other hand, GOTO outperformed on domestic and foreign buying amid renewed merger speculation...</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse In the spotlight JCI major correction and foreign outflow post MSCI comment JCI posted a -6.9% w-w correction alongside US$831mn of foreign outflows following MSCI’s latest statement on Indonesia.Selling pressure was most visible in index-aspirant names (IMPC, BUMI, MORA), followed by several MSCI-heavy / large-liquid names (BREN, BRMS, BBCA, DSSA).On the other hand, GOTO outperformed on domestic and foreign buying amid renewed merger speculation...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the week – JCI vs. LQ45 Forward P/E Band

Thematic (Sector/Industry)

<ul><li>Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.</li><li>JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.</li><li>We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy Repricing the Risk; Potential Tactical Reliefs to Emerge.JCI’s risk premium has reset higher on fiscal pressure, policy noise, negative sovereign outlooks, and MSCI deletions/ down-weight.We see three ST potential tactical reliefs: foreign flow exhaustion, easing seasonal Rupiah pressure and the oil/war narrative peak. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: Repricing the Risk; Potential Tactical Reliefs to Emerge

Indonesia

Bank Central Asia Tbk is an Indonesian commercial bank that provides a comprehensive range of banking solutions, including individual, commercial, and corporate banking services. Its offerings encompass savings accounts, credit cards, investment products, various types of loans, and electronic banking services such as mobile and internet banking. The company was founded in 1955 and is headquartered in Jakarta, Indonesia.

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Bank Central Asia (BBCA IJ)