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Strength
Strong 10M24 earnings growth of 14.9% YoY driven by solid loan growth (14.2% YoY) and improved NIM (+20bps YoY); BBCA recorded some reversal in provisions during Oct-24, resulting in 10M24 CoC of 22bps (BBCA’s FY24 guidance: 30-40bps)
Weakness
10M24 LDR rose to 78.0% (+783 bps YoY), highest since 6M20, primarily due to significant gap between deposit (2.7% YoY) and loan growth (14.2% YoY)
Opportunity
Given that it has the highest CASA ratio (82%) among our banking coverage (Sector: 65%), BBCA would benefit most if BI were to cut its 7DRR further, as the bank would be able to adjust TD rate immediately
Threat
The bank may need to raise CoC if asset quality deteriorates due to USD/IDR depreciation; BBCA’s YTD outperformance against JCI could lead to profit-taking
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
