In today’s briefing:
- Bank Central Asia (BBCA IJ) — Priced As If Today Lasts Forever?
Bank Central Asia (BBCA IJ) — Priced As If Today Lasts Forever?
- Bank Central Asia (BBCA IJ) earnings engine remains intact—CASA above 85%, loans regaining share, and ROE near 22%—despite an NIM recovery that remains unproven.
- Our fair value range is Rp4,928–Rp7,965, with Base Case at Rp6,520 versus the Rp6,700 reference price—downside skews larger than upside.
- The 2024 peak price was supported by NIM expansion (+30bps) and CIR improvement (-2.6pp); today, NIM is 50bps lower and loan growth has slowed to ~8%, narrowing upside.
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