PT Bank Central Asia Tbk (BBCA) Resilient Earnings Amid Softer Loan Momentum Key Takeaways: - 1Q26 Earnings Stayed Resilient. BBCA booked a net profit of IDR 14.7tn (+3.8% YoY | +3.8% QoQ), supported by stronger non-interest income and disciplined cost control, despite NIM easing to 5.4%. - Loan Growth Softened, but Funding Remained Strong. Total loans reached IDR 993.8tn (+5.6% YoY | +0.1% QoQ), mainly driven by corporate, commercial, and SME loans. Meanwhile, CASA remained solid at IDR 1,089tn, up +11.2% YoY, reinforcing BBCA’s low-cost funding advantage. - Asset Quality Remains Manageable. Gross NPL stood at 1.8% and LAR at 5.1%, while CoC rose to 0.6%, showing that BBCA’s more cautious stance. Recommendation: "BUY” We maintain our "BUY“ recommendation on BBCA. Our valuation is derived through a blended valuation approach, combining P/BV and DDM. We determine a 12-month target price of IDR 8,075, implying a 31.84% upside potential from the last close of IDR 6,125. At our target price, BBCA would trade at a 2026F P/BV of 3.3x , slightly below its 3-year STD-1 P/BV level of 3.4x. Downside risks include: prolonged NIM pressure, weaker loan growth, unfavorable macroeconomic conditions. Liza Camelia Suryanata Head of Research Kevin Yudha Pratama Equity Research KIWOOM SEKURITAS INDONESIA