BBCA - Defensive strength, offensive value; inline 1Q26 earnings

KBVS Update
Friday, 24 April 2026

BBCA: Defensive strength, offensive value; inline 1Q26 earnings
(Maintain BUY; GGM TP: IDR9,480)

* BBCA continued to show resilient performance as 1Q26 earnings still arrived in line with our and consensus forecasts (24.7%/23.9%). BBCA’s resilient transactional banking and solid dividend play, tied with continuing steady low CoF compared to its peers, made BBCA remain a cornerstone pick.

* Corporate loans grew healthy by +9.1% YoY and noted a higher portion (+160 bps) to 48.7% of the portfolio. Weakening high funding cost growth (TD: -5.1%) remains intact, bringing CASA to grow by 11.2% YoY and pointedly higher (+230 bps) to 85.2%. NIM at 5.4% still arrived within ‘26F guidance of 5.4-5.6% and close to our ‘26F NIM for the bank (5.5%). Two thumbs-up for BBCA’s ability to sustain healthy risk metrics, with improving gross NPL (+20bps) and LAR sitting at a healthier rate of 5.1%.

* BBCA’s concrete fundamentals kept 1Q26 PATMI positive, offsetting the impact of heightened provisions in a cautious sector growth. The pressure on the share price has formed an attractive entry point, offering the stock at a notable discount. Maintain BUY GGM-based TP of IDR9,480 (3.8x ‘26F P/B); it currently trades at 2.6x ‘26F P/B, or far below its -2SD of 3.1x.

Regards,
Akhmad Nurcahyadi - KBVS Research