BBCA's net profit grew 11.1% yoy to IDR26.9 trillion in 6M24 (IDR61.53 trillion Annualized or 47% of our 2024F). Resilience in loan growth in the last five years. BBCA recorded loan growth of 15.5% yoy in 6M24. BBCA's credit quality remains healthy amidst macroeconomic conditions. BBCA's Current Account Savings Account (CASA) ratio is consistently above the industry. Lowest Cost of Fund (COF) compared to peers amidst high interest rates. Despite high interest rates, BBCA's cost of funds has remained stable in the last five years Strong customer relationships are BBCA's competitive advantage. The number of customers increased 6% yoy to 31.9 billion in 6M24, with transaction volume reaching 17 billion (+21% yoy) in 6M24. Using the Discounted Cash Flow method with a Required Return of 10.21% and Terminal Growth of 8.09%, we estimate the fair value of BBCA at 10,950 (24.71x expected P/E). So, we give BBCA a hold rating with a higher target and potential upside of 8.84%. By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

29 Juli 2024

Indeks-indeks utama Wall Street mencatatkan rebound signifikan pada perdagangan Jumat (26/7). U.S. Personal Consumption Expenditure (PCE) Price Index turun ke 2.5% yoy di Juni 2024 dari 2.6% yoy di Mei 2024. The Fed diyakini akan tetap memangkas sukubunga acuan di FOMC September 2024, sekalipun realisasi pertumbuhan ekonomi AS di 2Q24 berada di atas ekspektasi. Pasar masih mengantisipasi dua data penting, yaitu Foreign Direct Investment (FDI) dan kinerja keuangan 2Q24. Selanjutnya, BPS dijadwalkan merilis realisasi pertumbuhan ekonomi 2Q24 pada 5 Agustus 2024. Penguatan lanjutkan IHSG ke kisaran 7300-7330 di awal pekan depan (29/7) justru akan memperkuat indikasi bullish continuation. Top picks : ADMR, AKRA, INCO, BRIS, SIDO dan NCKL. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

26 Juli 2024

Mayoritas indeks Wall Street lanjutkan pelemahan di Kamis (25/7). Pelemahan kembali disebabkan oleh pelemahan harga saham mayoritas perusahaan teknologi besar (25/7). Pertumbuhan ekonomi AS naik ke 2.8% qoq di 2Q24, dibanding 2% qoq perkiraan dan 1.4% qoq pada 1Q24. Pasar memperkirakan the Fed akan less-aggressive dalam memangkas sukubunga acuan. Mayoritas indeks utama di negara-negara Euro Area melemah signifikan pada perdagangan Kamis (25/7). Kondisi oversold pada Stochastic RSI dan keberadaan neckline di 7200, membuka peluang IHSG menjaga fase konsolidasi dibanding membentuk pola minor reversal. Sejumlah emiten yang dijadwalkan rilis kinerja 2Q24 dalam waktu dekat adalah ASII, BBNI, BMRI, BTPN, UNTR dan MTEL. Pasar masih menunggu data realisasi FDI di 2Q24. Top picks (26/7) : HEAL, AALI, LSIP, TAPG, TLKM dan MAPI. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Wall Street catatkan pelemahan terdalam harian dalam beberapa tahun terakhir di Rabu (24/7). Nasdaq melemah hingga lebih dari 3% (24/7) seiring dengan pelemahan harga Alphabet (-5%) dan Tesla (-12.3%) pasca rilis kinerja keuangan 2Q24 yang berada di bawah ekspektasi. U.S. S&P Global Manufacturing PMI Flash turun ke 49.5 di Juli 2024 dari 51.6 di Juni 2024 turut menekan Wall Street. Penurunan indeks manufaktur juga terjadi di Jerman (42.6 vs 43.5) dan Euro Area (45.6 vs 45.8). Inggris menjadi satu dari sedikit negara di Eropa yang mampu mencatatkan dan mempertahankan indeks manufaktur di atas 50. IHSG diperkirakan lanjutkan pullback di Kamis (25/7). Pasar menantikan rilis data U.S GDP Growth yang diperkirakan naik ke 1.90% YoY di 2Q24 dari 1.40% YoY di 1Q24. Pasar juga masih mengantisipasi realisasi investasi riil di Indonesia di 2Q24. Top picks (25/7) : BBTN, CPIN, PGEO, MDKA dan ASSA. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

25 Juli 2024

Indeks-indeks Wall Street terkoreksi terbatas di Selasa (23/7). Pasar masih mencerna keputusan pengunduran diri Joe Biden sebagai Calon Presiden Partai Demokrat terhadap peta pemilu AS pada November 2024 mendatang. Sejumlah analis memperkirakan peluang besar Donald Trump untuk memenangi pemilu tersebut. Isu kebijakan inward looking, peningkatan intensitas U.S.-China trade wars dan dampaknya terhadap world trade value kembali mengemuka. Pelaku pasar juga dibayangi oleh antisipasi pelaku pasar terhadap rilis laporan keuangan 2Q24. IHSG diperkirakan kembali fluktuatif di kisaran level psikologis 7300 pada perdagangan Rabu (24/7). Pasar mengantisipasi data Foreign Direct Investment (FDI) di Indonesia pada 2Q24 (24/7). Data ini dapat mempengaruhi cara pasar memandang outlook pertumbuhan ekonomi Indonesia di sisa tahun 2024. Top picks (24/7) : EXCL, TOWR, MBMA, EMTK, dan ERAA. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

24 Juli 2024

Home Ownership Backlog in Indonesia, Ownership of livable houses in Indonesia is still relatively small. The ratio of habitable home ownership in Indonesia has only experienced limited growth over the last five years. Restoring the quality of economic growth after the pandemic, Indonesia continues to show growth in its macroeconomic conditions. Indonesia's GDP has continued to increase in the last three years. Marketing Sales Growth Trend, The development of infrastructure and government support to encourage stability and economic growth in Indonesia have increased marketing sales of property company yearly. Stable Land Bank, The majority of property company have succeeded in maintaining the Land Bank optimally. This can be seen from the stable number of land banks in the last 5 years. After the election is over, property sales have the potential to increase. Apart from that, based on PUPR ministry data, the ratio of livable house ownership in Indonesia will only be 57.31% in 2023. Property Vs. Interest Rates. During the high interest rates in 2023, Home Ownership Credit (KPR) financing will still record growth, although limited. VAT incentives. The Government will continue the VAT incentives program until 2024. This program is an incentive provided by the Government, which will cover 100% VAT on house purchases from November 2023 to June 2024 and house purchases from July–December 2024, covered by 50%. The trend of increasing property prices and recurring income. The Residential Property Price Index (IHPR) released by Bank Indonesia in 1Q24 increased to 108.76, growing 1.89% yoy. Most property company are still recording marketing sales growth, which aligns with each company's FY24F targets. With the various catalysts above, as well as the performance of each issuer in the property sector, we make our top picks BSDE, with a potential fair value of IDR 1300, CTRA, with a potential fair value of IDR 1390 , and SMRA, with a potential fair value of IDR 705 . By PHINTRACO SEKURITAS | Research - Disclaimer On -