LaLiga365
LaLiga365
judi bola parlay bbm88
indobet365 link
LaPkv
Pkv MataQQ
Pkv Games
BotakQQ Login
BotakQQ Link Alternatif
https://situsbcaqq.com/
BandarQQ Pkv Games
https://idb365.org/
https://indobet365.best/
https://mlbbtv.com/
LaPkv Situs BandarQQ
LaPKV
https://lapkv.org/
BBM88 bola
LaLiga365
Situs 365 Terpercaya
Situs Bola Online
LaLiga365
https://carlocksmithhollywoodfl.com/
LaPkv
LaLiga365
Judi Parlay
Judi Bola
Situs 365 Terpercaya
INDOBET365
Situs Bola Online
INDOBET365
BBM88 bola
https://integracaofm105.com/
https://heylink.me/indobet-365/
https://santanatech1.hospedagemdesites.ws/
BBCA: Credit Growth Accompanied by Maintained Credit Quality - Phintraco Sekuritas

BBCA: Credit Growth Accompanied by Maintained Credit Quality

25 Okt 2024 Valdy

BBCA’s net profit grew 12.8% yoy to IDR41.1 trillion in 9M24 (IDR54.8 trillion Annualized or 75% of our 2024F).

Resilience of loan growth in the last five years. BBCA recorded credit growth of 14.5% yoy in 9M24.

BBCA’s credit quality remains healthy amid macroeconomic fluctuations.

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 5 years.

Strong customer relationships are BBCA’s competitive advantage. Customers increased by 5% yoy to 32.6 million in 9M24, with transaction volume reaching 26billion (+21%yoy) in 6M24.

Using the Discounted Cash Flow method with a Required Return of 6.81% and Terminal Growth of 8.09%, we estimate BCA’s fair value at 11,600 (26.14x expected P/E). Therefore, we maintain a hold rating for BBCA with a higher target and potential upside of 8.92%.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –