Shares of PT Bank Central Asia Tbk (BBCA), or BCA, closed down 1.25% at Rp7,925 at the end of trading on Tuesday (September 16, 2025). A total of 129.31 million BBCA shares were traded across 42,089 transactions, with a total transaction value of Rp1.03 trillion.

The stock of Indonesia’s largest private bank was seen to be under distribution. Foreign investors also recorded a net sell of Rp130.92 billion in BBCA shares.

BCA’s stock slipped back into negative territory after previously gaining for four consecutive trading days from September 10–15, 2025. Over the past month, the stock has fallen 8.91% and plunged 12.19% in the last three months. Foreign investors booked a net sell of Rp16.24 trillion over the three-month period. Currently, BBCA’s market capitalization stands at Rp976.95 trillion.

In terms of valuation, BCA shares are considered cheaper than usual. According to Stockbit Sekuritas data, BBCA’s price to book value (PBV) ratio is 3.73x, while its price to earnings ratio (PER) is 17.15x (TTM). Both figures are below the -2 PBV standard deviation and -2 PE standard deviation from the three-year average, which are 4.03x and 17.9x respectively.

Share Price Target

Despite the decline, Bank Central Asia (BBCA) continues to deliver strong net profit growth, recording an 8.5% increase to Rp39.1 trillion as of August 2025, in line with analysts’ expectations. BBCA shares have been given a relatively high target price, well above their current level.

According to DBS Research, BBCA’s net profit as of August had already reached 65% of the full-year projection. During this period, loan growth was robust at 9.3%, supporting the annual target of 6–8%.

Meanwhile, third-party funds (DPK) grew 5.2%, supported by a 7.2% increase in low-cost funds (CASA). As a result, the CASA ratio rose to 83.6%, while the loan-to-deposit ratio (LDR) increased to 79.4%. “Credit costs remain stable, reflecting healthy asset quality,” DBS wrote in its report on Tuesday (September 16, 2025).

DBS noted that BCA maintains strong margins, controlled risks, and a wide branch network. At present, BCA is the only bank under DBS coverage that has managed to post net profit growth. DBS maintains its buy recommendation on BBCA shares, with a target price of Rp12,000.