Fundamental Analysis Finds BCA Shares Attractive for Long-Term Investment
MAKASSAR, Formosa News – Shares of PT Bank Central Asia Tbk (BBCA) continue to offer strong long-term investment potential and remain attractive for investors, according to a study conducted by Fitriani Rahim and Indah Lestari Anwar from Universitas Negeri Makassar (UNM), Indonesia. Published in 2026 in the International Journal of Applied and Advanced Multidisciplinary Research (IJAAMR), the research used a top-down fundamental analysis approach and concluded that Indonesia’s stable economic environment, healthy banking industry, and BCA’s consistently improving financial performance support a positive outlook for BBCA shares. The study comes at a time when investors are increasingly focusing on Indonesia’s banking sector as the economy continues to recover from the effects of the COVID-19 pandemic. BCA has attracted significant attention due to its position as Indonesia’s largest private bank, its strong reputation, and its ability to maintain profit growth across various economic conditions. Fundamental analysis is widely used by investors to determine whether a stock’s market price accurately reflects the company’s true business value. In this study, the researchers applied a top-down approach that begins with an examination of national economic conditions, followed by an analysis of the banking industry, and finally an assessment of BCA’s internal financial performance. The research utilized annual financial statements from BCA covering the 2021–2024 period, along with data from Bank Indonesia, the Financial Services Authority (OJK), Statistics Indonesia (BPS), and the Indonesia Stock Exchange (IDX). This comprehensive dataset enabled the researchers to evaluate BCA’s position amid changing economic conditions and increasing competition in the banking sector.
Indonesia’s Economy Supports Banking Growth
The study found that Indonesia’s macroeconomic environment remained relatively stable between 2021 and 2024, creating favorable conditions for banking industry growth. National economic growth increased from 3.69 percent in 2021 to more than 5 percent throughout the 2022–2024 period. Inflation, which peaked at 5.51 percent in 2022, gradually declined to 1.57 percent by 2024. Stable inflation helped preserve consumers’ purchasing power and borrowers’ ability to repay loans. Meanwhile, Bank Indonesia maintained monetary policies aimed at balancing economic growth and financial stability. These conditions created a supportive environment for banks, including BCA. According to Fitriani Rahim and Indah Lestari Anwar of Universitas Negeri Makassar, the combination of steady economic growth, controlled inflation, and prudent monetary policy has provided a strong foundation for banking profitability.
BCA Demonstrates Exceptionally Strong Fundamentals
At the company level, BCA recorded continuous improvements in financial performance throughout the study period. By 2024, the bank’s total assets had reached approximately IDR 1,449 trillion, while net profit stood at around IDR 54.8 trillion. Loan disbursement also continued to expand, surpassing IDR 922 trillion, reflecting Indonesia’s economic recovery and growing domestic demand. One of BCA’s greatest strengths is its dominance in low-cost funding through its Current Account Savings Account (CASA) structure, which consistently accounted for more than 80 percent of total third-party funds. This funding advantage allowed the bank to maintain a low cost of funds despite rising benchmark interest rates. The research also found that BCA’s asset quality remained excellent, with a Non-Performing Loan (NPL) ratio below 2 percent. Its Capital Adequacy Ratio (CAR) approached 30 percent, indicating a strong capacity to absorb risks while supporting future business expansion.
Profitability and Efficiency Continue to Improve
The study highlighted consistent improvements across key profitability indicators during the 2021–2024 period. Major findings include:
-Return on Assets (ROA) increased from 2.8 percent in 2021 to 3.9 percent in 2024.
-Return on Equity (ROE) rose from 18.3 percent to 24.6 percent.
-Net Interest Margin (NIM) improved from 5.1 percent to 5.8 percent.
-Operational efficiency ratios strengthened as operating expenses became increasingly controlled.
These indicators demonstrate that BCA has become more effective in utilizing its assets, capital, and operational resources to generate profits. The bank’s Earnings Per Share (EPS) also increased steadily, rising from 255 in 2021 to 445 in 2024. Compared with several other major Indonesian banks, BCA’s EPS growth was more stable, reflecting the strength and consistency of its underlying business fundamentals.
BBCA Shares Considered Undervalued
One of the most notable findings of the study comes from the stock valuation analysis using the Price Earnings Ratio (PER) method. The researchers found that BCA’s earnings growth and profitability improvements have outpaced the increase in its share price. As a result, the company’s intrinsic value appears to be higher than its current market valuation. This condition suggests that BBCA shares are currently undervalued, meaning they are trading below their estimated fair value. Based on this assessment, the researchers issued a buy recommendation for investors seeking companies with strong fundamentals and stable long-term growth prospects.
Implications for Investors and the Banking Industry
The findings provide valuable insights for investors seeking to build long-term portfolios. Companies with strong fundamentals generally offer greater resilience and lower risk compared with stocks driven primarily by short-term market sentiment. For the banking industry, the study highlights how digital transformation, operational efficiency, and effective management of low-cost funds can create sustainable competitive advantages. According to Fitriani Rahim and Indah Lestari Anwar, BCA combines several characteristics rarely found together in a single company: stable growth, relatively low risk, strong liquidity, and continuously increasing profitability. These strengths position BBCA as one of the highest-quality defensive stocks on the Indonesia Stock Exchange, capable of maintaining its attractiveness even during periods of global economic uncertainty.
Author Profile
Fitriani Rahim
Affiliation: Universitas Negeri Makassar (UNM), Indonesia
Expertise: Investment Analysis, Financial Management, and Capital Markets
Indah Lestari Anwar
Affiliation: Universitas Negeri Makassar (UNM), Indonesia
Expertise: Corporate Finance, Fundamental Analysis, and Investment Feasibility Studies
Research Source
Article Title: Fundamental Analysis of PT Bank Central Asia Tbk Shares Using Top-Down Approach (Period 2021–2024)
Authors: Fitriani Rahim and Indah Lestari Anwar
Journal: International Journal of Applied and Advanced Multidisciplinary Research (IJAAMR)
Volume and Issue: Volume 4, Issue 5 (2026)
Pages: 401–410
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