Bank Central Asia (BBCA) - In-line 1H11 Result

Bank Central Asia (BBCA) – Downgrade to Sell
Price: Rp8,750 – Target Price: Rp6,950

BBCA – In-line 1H11 Result

  • Net profit increased by 20.4% YoY, in line with our estimation.
  • Provision declined by 56% YoY.
  • NPL and cost to income manageable at good level.
  • High reserve requirement.
  • Downgrade to SELL recommendation, with price target Rp6,950/share.