BCA Stock Hits Eight-Month Low as Foreign Investors Sell Off

JAKARTA, investortrust.id – Shares of PT Bank Central Asia Tbk, or BBCA, fell sharply on Thursday, Jan. 30, 2025, marking their lowest closing level since June 3, 2024. Over the past month, BBCA has also recorded the highest foreign net sell among all listed stocks on the Indonesia Stock Exchange.

According to BEI trading data, BBCA shares closed down Rp 200, or 2.14%, at Rp 9,150, their lowest level in the past eight months. The decline in BBCA shares was the steepest among Indonesia’s top-tier banks, including PT Bank Rakyat Indonesia Tbk (BBRI), PT Bank Mandiri Tbk (BMRI), and PT Bank Negara Indonesia Tbk (BBNI).

The slump in BBCA’s stock price also dragged down the Jakarta Composite Index (IHSG), which fell by 92 points to 7,073. Over the past month, BBCA shares have dropped 6.63%, in contrast to BBNI’s 7.41% gain, BMRI’s 6.09% increase, and BBRI’s stagnation at Rp 4,120.

BBCA also recorded the highest foreign net sell on Thursday, amounting to Rp 386.93 billion ($25.2 million). This brings the total foreign net sell for BBCA shares in the past month to Rp 3.03 trillion ($197.2 million).

Leadership Transition Ahead of Annual Meeting

BBCA has announced that it will hold its annual general meeting of shareholders (AGMS) on March 12, 2025. Ahead of the meeting, Djohan Emir Setijoso has submitted his resignation as President Commissioner, a decision that will be finalized during the AGMS.

Analysts Remain Optimistic Despite Sell-Off

Despite the recent stock price decline and foreign investor sell-off, analysts remain optimistic about BBCA’s financial outlook. BRI Danareksa Sekuritas has upgraded its price target for BBCA shares from Rp 11,800 to Rp 11,900, maintaining a “buy” recommendation. Similarly, Mandiri Sekuritas continues to recommend buying BBCA shares, setting a target price of Rp 11,500.

Edward Lowis, an analyst at Sucor Sekuritas, also recommends buying BBCA stock, maintaining a target price of Rp 11,500, compared to last week's closing price of Rp 9,350.

Interest Rate Adjustments to Manage Risks

According to analysts, BBCA is likely to reassess its lending rates, particularly in the property and automotive loan segments, to mitigate rising funding costs and potential deterioration in credit quality. The bank’s net interest margin (NIM) for this year is projected to remain steady at 5.7%-5.8%, similar to last year’s 5.8%.