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.