Kiwoom Research | 1H26 Equity Update - 12 August 2026 PT Bank Central Asia Tbk (BBCA) Resilient 1H26 Earnings Amid NIM Pressure Key Takeaways: - 1H26 Earnings Stayed Resilient. BBCA booked a net profit of IDR 29.5tn (+1.8% YoY), supported by PPOP growth of +2.5% YoY and stronger non-interest income, despite softer NII and continued NIM pressure. - Corporate Loans Drove the Recovery. Total loans reached IDR 1,035.6tn (+8.0% YoY | +4.2% QoQ), led by corporate lending at IDR 513.4tn (+13.6% YoY). Meanwhile, consumer loans remained softer due to weaker vehicle financing. - Strong CASA Remains the Key. CASA grew to IDR 1,082.3tn (+10.2% YoY), keeping BBCA’s funding strength intact despite softer QoQ deposits. Asset quality also remained manageable, with gross NPL at 1.9% and LAR at 4.9%. 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 28.17% upside potential from the last close of IDR 6,300. At our target price, BBCA would trade at a 2026F P/BV of 3.3x, slightly below its 3-year SD-1 P/BV level of 3.46x. Downside risks include prolonged NIM pressure, weaker loan growth, tighter funding competition, higher credit costs, and deterioration in asset quality. Liza Camelia Suryanata Head of Research Kevin Yudha Pratama Equity Research KIWOOM SEKURITAS INDONESIA