BBCA: Satisfied 9M19 Result - Ample Liquidity Ratio
04 Nov 2019
BBCA: Satisfied 9M19 Result - Ample Liquidity Ratio
BBCA’s 9M19 result came in line with our expectation, in which the company’s net interest income (NII) and net profit covered by 76% to our 2019F of Rp 49.4 trillion
in NII and Rp 27.6 trillion in net profit. BBCA’s NPL maintain to managed at low level of 1.6%, compared to the NPL’s banking industry (at 2.6% as of August 2019) and other NPL’s big banks during the same period (such as: BBRI at 3.08%, BMRI at 2.5% and BBNI at 1.8%). We see that BBCA’s satisfied performance has reflected to its share price which rallied 21% YTD 2019 and traded close to its average 5-years forward PBV + 2 stdev of 4.15x. Maintain Neutral rating on the counter.
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