Research

How the Mighty BBCA Has Fallen in IHSG

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Algo Research Team

Company | Apr 29, 2026 | Views: 1104

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Key Summary:

  • Weakening fundamental, rising country-risk premium
  • Net foreign outflows reached IDR47tn in the past year
  • PBV has compressed to 2.9x, lowest in a decade

Once perceived as the safest and highest-quality banking stock in Indonesia, BBCA's share price has significantly underperformed, declining from its all-time high of IDR 10,950/share in 4Q24 to now trading at IDR 6,000/share, down around -45%.


Over the same period, it has lost around IDR 600 trillion in market capitalization and experienced a substantial valuation de-rating, where its price-to-book value (PBV) now stands at 2.9x (-2 standard deviation), the lowest level in more than a decade.

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