Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia Persero (BBNI IJ)</a> has stated its target of achieving an FY28e ROE of 20%, with ambition to join the other three big Indonesian Banks already doing it. </li>
<li>Although the current results are not on par with the other three, the bank has outlined its strategy to reach the target (1% credit cost; 37% CIR by 2028 exit)</li>
<li>Projecting a gradual re-rating to align with peers by 2028 and extrapolating book value growth over the 5-year period provides a shareholder return of 30% CAGR</li>
</ul>



Bank Negara Indonesia Persero (BBNI IJ) has stated its target of achieving an FY28e ROE of 20%, with ambition to join the other three big Indonesian Banks already doing it. 
Although the current results are not on par with the other three, the bank has outlined its strategy to reach the target (1% credit cost; 37% CIR by 2028 exit)
Projecting a gradual re-rating to align with peers by 2028 and extrapolating book value growth over the 5-year period provides a shareholder return of 30% CAGR


BBNI IJ Initiation: On a Rewarding Journey to 20% ROE

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a>’s share price correction looks overdone, driven not by fundamentals but foreign outflows from Indonesia. A meeting with management confirmed a strong start to 2026</li>
<li>Management is focused on developments with government policy, which could slow loan demand, although rising rates should have a positive impact on margins, especially given BCA’s high CASA ratio.</li>
<li>The bank continues to be the leading transactional bank in Indonesia. Valuations are at multi-year lows, with returns remaining high, and with the support of a 5% dividend yield. </li>
</ul>



Bank Central Asia (BBCA IJ)’s share price correction looks overdone, driven not by fundamentals but foreign outflows from Indonesia. A meeting with management confirmed a strong start to 2026
Management is focused on developments with government policy, which could slow loan demand, although rising rates should have a positive impact on margins, especially given BCA’s high CASA ratio.
The bank continues to be the leading transactional bank in Indonesia. Valuations are at multi-year lows, with returns remaining high, and with the support of a 5% dividend yield. 


Bank Central Asia (BBCA IJ) - Call Me Transactional

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> share price plummeting offers a once-in-a-lifetime buying opportunity. </li>
<li>The last AGM decided that shareholders will receive 3 dividend payments this year that will attract both domestic and foreign investors. </li>
<li>BBCA should have more weightings in the MSCI Indonesia index in the mid term. </li>
</ul>



Bank Central Asia (BBCA IJ) share price plummeting offers a once-in-a-lifetime buying opportunity. 
The last AGM decided that shareholders will receive 3 dividend payments this year that will attract both domestic and foreign investors. 
BBCA should have more weightings in the MSCI Indonesia index in the mid term. 


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<li>The purge out of <a href="https://www.smartkarma.com/entities/jakarta-stock-exchange-composite-index" target="_blank" data-smartkarma-citation="entities:22914:1" rel="noopener">Jakarta Stock Exchange Composite Index (JCI INDEX)</a> for Barito Group of companies has happened, causing the share prices to drop even lower. </li>
<li>As a result, the large bank stocks like <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and others should receive a higher weightings in the index, causing more inflows to the counters. </li>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> is not only more advanced in providing lowest cost of fundings but also most transparent compared to other banks as well as other companies. </li>
</ul>


The purge out of Jakarta Stock Exchange Composite Index (JCI INDEX) for Barito Group of companies has happened, causing the share prices to drop even lower. 
As a result, the large bank stocks like Bank Central Asia (BBCA IJ) and others should receive a higher weightings in the index, causing more inflows to the counters. 

Bank Central Asia (BBCA IJ) is not only more advanced in providing lowest cost of fundings but also most transparent compared to other banks as well as other companies. 


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<li>
<a href="https://www.smartkarma.com/entities/msci-inc" target="_blank" data-smartkarma-citation="entities:17865:1" rel="noopener">MSCI Inc (MSCI US)</a> did not downgrade but chose to wait and see the OJK's execution and impact on the Indonesian capital market. </li>
<li>
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> earnings result is relatively decent that provide support to the share price, while low free floaters underperformed. </li>
<li>Softening auto loan growth should not be seen as a real risk, as it was caused by macroeconomic conditions and a shift in consumer spending pattern. </li>
</ul>



MSCI Inc (MSCI US) did not downgrade but chose to wait and see the OJK's execution and impact on the Indonesian capital market. 

Bank Central Asia (BBCA IJ) earnings result is relatively decent that provide support to the share price, while low free floaters underperformed. 
Softening auto loan growth should not be seen as a real risk, as it was caused by macroeconomic conditions and a shift in consumer spending pattern. 


Bank Central Asia (BBCA): MSCI Downgrade Beneficiary

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)

BBNI IJ Initiation: On a Rewarding Journey to 20% ROE

BBNI IJ has stated its target of achieving an FY28e ROE of 20%, just like peers do now. Being involved in the journey can be very rewarding for...

Raj S, CA, CFA