Company Update

Friday, 4 March 2016

BBCA : Solid Performance

BBCA booked net profit grew 9,3% to Rp18tn, in line with expectation: 100,4% of
BUY consensus. We realize that OJK is attempting to reduce lending rate to single digit in
banking system, at the same time the liquidity remains tight. Thus, management sees
that NIM might decline about 0,5-0,6%, as lending rate being brought down to single
Target Price : Rp15.000 digit level. We see BBCA still has plenty of liquidity with LDR of 81%. Regarding
Current Price : Rp13.500 capping on time deposits rate, BBCA has no issue with this as BBCA doesn’t have
Upside : 11% special rate offered, and highest rate was 5,75%, lower than BI Rate. we maintain BUY
recommendation, with target price of Rp15.000, implying PBV 2016 of 3,4x.

SHAREHOLDERS BBCA booked net profit grew 9,3% to Rp18tn. The profit was in line with expectation,
95,3% of our estimate and 100,4% of consensus. Total loan grew 12%yoy and deposits grew
FarIndo Investment : 47,15% 5,8%yoy, bringing LDR to 81,06%, still one of the strongest in liquidity among our coverage.
Ownership below 5% : 52,85% Net interest margin up 19bps to 6,53%, and NPL was well-managed at 0,7%.

Strong balance sheet to face challenge in 2016. We realize that OJK is attempting to
STOCK PERFORMANCE (INDEX 100) reduce lending rate to single digit in banking system, at the same time the liquidity remains
tight. Thus, management sees that NIM might decline about 0,5-0,6%, as lending rate being
brought down to single digit level. We see BBCA still has plenty of liquidity with LDR of 81%.
To maintain profitability, BBCA would do some efficiency efforts including in technology
implementation. Regarding capping on time deposits rate, BBCA has no issue with this as
BBCA’s current time deposits rate offered was 5,75%, lower than BI Rate.

Maintaining BUY recommendation with target price Rp15.000. We believe the strong
balance sheet profile would enable BBCA to maintain its profitability in 2016. Therefore, we
maintain BUY recommendation, with target price of Rp15.000, implying PBV 2016 of 3,4x.

(Rp billion) 2014 2015 %yoy 3Q15 4Q15 %qoq

Interest Revenue 43,793 47,105 7.6% 11,798 12,204 3.4%
RAYMOND BUDIMAN Interest Expense 11,745 11,213 -4.5% 2,709 2,586 -4.5%
[email protected] Net Interest Expense 32,049 35,892 12.0% 9,089 9,618 5.8%
Other Operating Income 11,998 15,522 29.4% 5,745 1,725 -70.0%
Operating Expense 23,542 28,756 22.1% 8,796 5,524 -37.2%
Operating Profit 20,505 22,657 10.5% 6,039 5,820 -3.6%
Net Profit 16,486 18,019 9.3% 4,827 4,650 -3.7%
EPS 669 731 9.3% 196 189 -3.6%
Company Update | BBCA : Solid Performance

Figure 1: Key Ratios

30.00%
25.50%
25.00% 21.86%
20.00%
15.00%
10.00% 6.53% 6.72%
3.86% 3.84%
5.00%
0.60% 0.72%
0.00%
NPL NIM ROA ROE
2014 2015

Source: Company

Figure 2: Key Ratios - Cont

100.00%
76.77% 81.06% 75.11% 76.06%
80.00%
62.43% 63.22%
60.00%

40.00%
16.86% 18.65%
20.00%

0.00%
Opex/Op. Income LDR CAR CASA Ratio
2014 2015

Source: Company

Figure 3 : Loan Figure 4 : Deposits

500 12%
388 11.9% 500 474 10%
9.4%
400 347
312 448 8%
12% 450
300
409 5.8% 6%
200 4%
11.0% 11% 400
100 2%
0 11% 350 0%
2013 2014 2015 2013 2014 2015
Loans (Rp tn) Growth - yoy Deposits (Rp tn) Growth - yoy

Source: Company Source: Company

PT. PANIN SEKURITAS Tbk. | Bursa Efek Indonesia Tower 2 Lt. 17 | Jl. Jend. Sudirman Kav. 52 - 53 | Jakarta Selatan 12190 2
Tel : (021) 515 3055 | Fax : (021) 515 3061 | E-mail : [email protected] | Online Trading : www.post.co.id
Company Update | BBCA : Solid Performance

DISCLAIMER
The information contained in this report has been taken from sources which we deem reliable. However. none of PT Panin Sekuritas Tbk and/or its
affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any
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The information contained in this report is not be taken as any recommendation made by PT Panin Sekuritas Tbk or any other person to enter into any
agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards to the
specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own
professional financial and legal advice

PT. PANIN SEKURITAS Tbk. | Bursa Efek Indonesia Tower 2 Lt. 17 | Jl. Jend. Sudirman Kav. 52 - 53 | Jakarta Selatan 12190 3
Tel : (021) 515 3055 | Fax : (021) 515 3061 | E-mail : [email protected] | Online Trading : www.post.co.id
Company Update | BBCA : Solid Performance

HEAD OFFICE
Indonesia Stock Exchange Tower II, Suite 1705 • Jl. Jendral Sudirman Kav. 52-53, Jakarta Selatan 12190
Tel: +62 21 515 3055 Website: www.pans.co.id E-mail: [email protected]
Fax: +62 21 515 3061 Online Trading: www.post.co.id

BRANCH OFFICES
Kelapa Gading
Menara Satu, Sentra Kelapa Pluit Village Pluit Sakti Puri Niaga
Gading Pluit Village, Ruko No. 66 Jl. Pluit Sakti Raya No. 28 Puri Niaga 1 Blok K7 /3U
Lt 5 Unit 0505, Jl. Raya Boulevard Jl. Pluit Permai Raya Blok A2 Ruko Sentra Bisnis Puri Kencana, Kembangan
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Pondok Indah Gading Serpong Tanah Abang

Jl. Margaguna Blok B-9, Jl. Sutera Utama, Ruko ASTC Pusat Grosir Tanah Abang
Plaza Pondok Indah 5, Blok 10B no 30, Alam Sutra Blok A Lt. 3 Los. A No. 1
Gandaria Utara - Jakarta Selatan Tangerang Jakarta Pusat 10210
Tel: +62 21 722 4420 Tel: +62 292 11518 Tel: +62 21 2357 1177
Fax: +62 21 722 4421 Fax: +62 292 11519 Fax: +62 21 2357 0404
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Bandung Bandung, Dago Bandung - Batununggal Batam

Gedung BPR Citradana Rahayu Jl. Diponegoro no 2 Jl. Batununggal Indah IV no 37A Komplek Lumbung Rejeki
Lt. 3 Bandung – Jawa Barat, 40115 Komp. Batununggal Indah Bandung Blok H no 13
Jl. Sunda No. 2A Tel: +62 22 426 8127 / 426 8129 Jawa Barat - 40266 Nagoya, Batam
Bandung 40262 Fax: +62 22 426 8128 Tel / Fax: +62 22 8730 1954 Tel: +62 778 459 222
Tel: +62 22 732 1434 E-mail: [email protected] Fax: +62 22 8730 1640 Fax: +62 778 459 220
Fax: +62 22 732 1435 E-mail: [email protected] E-mail: [email protected]
E-mail: [email protected]
Denpasar Medan - Diponegoro Medan – Iskandar Muda Medan - Pemuda
Gedung Panin Bank , Lantai 3 Wisma BII Lt. 4 Suite 404 Jl. Iskandar Muda no 99 Gedung Panin Bank Lt. 5
Jl.Patih Jelantik , komplek Jl. Diponegoro No. 18 Medan 20112 Jl. Pemuda No. 16-22
pertokoan Kuta Galeria Blok 1 Medan 20152 Tel: +62 61 453 0123 Medan 20151
valet 7 Tel: +62 61 451 9267 Fax: +62 61 452 3934 Tel: +62 61 457 6996
Tel: +62 361 7152 999 Fax: +62 61 451 9206 E-mail: [email protected] Fax: +62 61 453 1097
Fax: +62 E-mail: [email protected] E-mail: [email protected]
E-mail: [email protected]
Padang Palembang Pekanbaru Pontianak
Jl Thamrin No. 43 Gedung Panin Bank Lt. 3 Jl. Riau, Jl. Budi Karya
Padang 25122 Jl. Kolonel Atmo No. 863 Komplek Riau Business Centre B 18 Komp. Villa Gamma Blok D
Tel: +62 751 811 322 Palembang 30125 Riau 28292 No. 26
Fax: +62 751 811 332 Tel: +62 711 370 235 Tel: +62 761 27827 Pontianak 78121
Email: [email protected] Fax: +62 711 370 271 Fax: +62 761 27845 Tel: +62 561 748 888
E-mail: [email protected] E-mail: [email protected] Fax: +62 561 767 300
E-mail: [email protected]
Semarang Solo Surabaya
Jl. S. Parman No. 41 Gd. Graha Prioritas lt 3 Gedung Panin Bank Lt. 5
Semarang 50231 Jl. Slamet Riyadi No. 302 Jl. Mayjend Sungkono No. 100
Tel: +62 24 850 2300 Kel. Sriwedari, Kec. Laweyan Surabaya 60256
Fax: +62 24 850 4971 Surakarta - 57141 Tel: +62 31 561 3388
E-mail: [email protected] Tel: +62 271 727888 Fax: +62 31 561 3585
Fax: +62 271 726 868 E-mail: [email protected]
E-mail: [email protected]

PT. PANIN SEKURITAS Tbk. | Bursa Efek Indonesia Tower 2 Lt. 17 | Jl. Jend. Sudirman Kav. 52 - 53 | Jakarta Selatan 12190 4
Tel : (021) 515 3055 | Fax : (021) 515 3061 | E-mail : [email protected] | Online Trading : www.post.co.id