BBCA Shares Look Cheaper, Analysts Agree: Time to Accumulate Indonesia’s Leading Bank Stocks

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JAKARTA, Investortrust.id — Shares of PT Bank Central Asia Tbk, or BBCA, have weakened in recent sessions, creating what analysts describe as a rare opportunity to accumulate Indonesia’s top-tier banking stocks at attractive valuations.

At the close of trading on Monday, Oct 13, 2025, BBCA’s share price fell 1.01% to Rp 7,325, giving it a Price-to-Book Value (PBV) ratio of 3.45 times—below its historical average of above 4 times. With its market capitalization slipping below Rp 1,000 trillion, BBCA’s valuation has reached its lowest point in nearly three years.

Despite the correction, analysts see this as a strategic entry point for long-term investors. The recent decline has been linked to the weakening rupiah and expectations of higher foreign-currency deposit rates, which have dampened market sentiment.

A report by BRI Danareksa Sekuritas noted that banking sector liquidity has begun to improve, supporting a Neutral stance on the sector while maintaining BBCA as its top pick. “We remain cautious on asset quality, but BBCA continues to be the best long-term option,” the report stated.

BRI Danareksa set a “Buy” recommendation on BBCA with a target price of Rp 11,900 per share, citing sustained profit growth supported by stronger asset quality relative to peers.

Similarly, Samuel Sekuritas highlighted the positive impact of Bank Indonesia’s recent 50-basis-point rate cut over the past month. The move is expected to boost credit growth in corporate and SME segments as lower borrowing costs encourage refinancing.

Even so, analysts warned of structural headwinds such as subdued credit demand and potential increases in provisioning costs. Nonetheless, BBCA remains a standout performer, with an industry-leading cost of credit (CoC) of just 0.5%, the highest ratio of low-cost current and savings accounts (CASA), and a return on equity (ROE) of 25.2%, far exceeding the banking sector’s average of 18.4%.

With its inexpensive valuation, robust fundamentals, and dominant market position, analysts affirm that BBCA remains Indonesia’s benchmark banking stock, well-positioned to outperform even amid a challenging economic backdrop.

Source: InvestingPro, data current as of the time of publication.

According to InvestingPro, BBCA is currently trading at Rp 7,300 per share, near the lower end of its 52-week range of Rp 7,275–Rp 10,875. The platform’s fair-value models estimate an average intrinsic value of Rp 10,415 per share, implying an upside potential of about 42.7%.

InvestingPro’s valuation analysis—based on dividend discount (DDM), P/E, and P/B multiples—places fair values between Rp 7,800 and Rp 14,105, with low uncertainty. Analysts from 21 institutions have set price targets in the Rp 8,000–Rp 12,300 range, averaging Rp 10,846.

The platform notes that BCA has raised its dividend for 12 consecutive years, underscoring consistent profitability and prudent capital management. However, it also highlights a relatively high P/E ratio versus near-term earnings growth and modest gross profit margins. Despite these constraints, BCA remains a leading player in Indonesia’s banking sector with solid balance-sheet health and resilient long-term fundamentals.