

BBCA (13,375.00, 13,550.00, 13,250.00, 13,275.00, -75.0000) 16000

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2012 2013 2014 2015F 2016F

11200
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10600
2 9 16 23 2 9 16 23 30 6 13 20 27 4 11 18 25 1 8 15 22 29 6 13 27 3 10 18 24 31 7 14 21 28 5 12 19 26 2 9 16 23 30 7 14 21 28 4 11 18 25 1 9 15 22 29
February March April May June July August September October November December 2016 February

Share Price (Rp)* 9,100 9,600 11,542 12,176 16,500

Market Cap (Rpbn) 222,222 236,496 284,568 300,204 316,698
EPS (Rp) 480 579 669 680 808
EPS Growth (%) 8.1 20.5 15.6 1.6 18.9
DPS (Rp) 113 116 125 145 147
Div Yield (%)* 1.2 1.2 1.1 1.2 1.1
P/E (x)* 19.0 16.6 17.3 17.9 15.9
P/BV (x)* 4.3 3.7 3.7 3.3 3.0
 FY15 Earning Analysis
(Rp bn) 4Q14 4Q15 % chg FY14 FY15 %chg FY15E %FY

Net interest income 8,469 9,619 13.6 32,049 35,892 12.0 36,576 101.9
Profit before provision
and tax 6,082 7,787 28.0 22,980 26,162 13.8 23,899 91.3

Pre-tax profit 5,351 5,819 8.7 20,741 22,657 9.2 21,414 94.5

Net profit 4,291 4,651 8.4 16,486 18,019 9.3 16,756 93.0

Rasio FY14 FY15 %chg FY15E %FY

NIM 6.5 6.7 0.2 6.7 -
NPL 0.6 0.7 0.1 0.7 -
CAR 16.9 18.7 1.8 18.4 (1.6)

Source: Kresna Securities

0.70 0.70
50,000 8.0
30.00 26.96 0.80
0.60 40,000
25.00 21.62 6.0
0.60
20.00 0.44 30,000
0.38 4.0
15.00 10.97 11.00 11.00 0.40 20,000
10.00 10,000 2.0
0.20
5.00
- -
0.00 0.00
2012 2013 2014 2015E 2016F
2012 2013 2014 2015E 2016F
Net interest income NIM
Loan growth Gross NPL

Source: Kresna Securities Source: Kresna Securities

4.6
5.0 High Avrg
4.5 4.4
4.6 4.4 4.2
4.2
4.1
4.2 3.9 4.0
3.8 3.8
3.7 3.6
3.8 3.6
3.4 3.4
3.2
3.0 3.3 3.3
3.0
3.0 3.0
2.6 2.8
2012 2013 2014 2015 Jan-12 Jan-13 Jan-14 Jan-15

Source: Kresna Securities Source: Kresna Securities

 EXHIBIT 1 : PROFIT AND LOSS EXHIBIT 2 : FINANCIAL POSITIONS
(In Rpbn) 2012 2013 2014 2015 2016E (In Rpbn) 2012 2013 2014 2015 2016E

Interest income 28,885 34,277 43,771 47,104 53,989 Gross loans 256,778 312,290 346,563 387,642 427,001
Interest expense 7,647 7,852 11,745 11,212 12,295 Other earning assets 132,315 123,019 137,382 161,948 179,182
Net interest inc 21,238 26,425 32,027 35,891 41,694 Gross earning assets 389,093 435,309 483,945 549,590 606,183
Other opr. income 6,376 7,947 9,024 15,521 12,143 Provisioning 4,803 6,548 8,099 10,644 11,101
Operating revenue 27,614 34,372 41,051 51,412 53,837 Net earning assets 384,290 428,761 475,846 538,946 595,082
Operating exp 12,860 14,631 18,306 25,250 26,380 Non earning assets 58,704 67,543 76,578 55,426 84,017
Pre-prov profit 14,754 19,741 22,744 26,162 27,457
Total Assets 442,994 496,305 552,424 594,372 679,099
Provision Expenses 499 2,016 2,240 3,505 2,500
Operating profit 14,256 17,725 20,505 22,657 25,213
Customer Deposits 370,274 409,486 447,906 473,666 532,112
Non-operating Inc 430 91 236 - -
Borrowings 2,650 3,634 5,585 7,690 8,456
Pre-tax Profit 14,686 17,816 20,741 22,657 25,213
Other interest
Tax expenses 2,968 3,559 4,229 4,621 5,264 9,480 9,648 10,716 12,812 21,935
bearing liab.
Minority Interests (3) 2 26 17 31 Total interest bearing
382,404 422,768 464,207 494,168 562,503
Net Profit 11,722 14,254 16,486 18,035 19,918 liab.

Non interest bearing

8,692 9,570 10,296 10,579 9,242
liab.

Total Liabilities 391,096 432,338 474,503 504,747 571,745

Source: Company, Kresna Securities
Total Equity 51,898 63,967 77,921 89,624 107,354

Source: Company, Kresna Securities

EXHIBIT 3: FUNDING COMPOSITION EXHIBIT 4: RATIO

(In Rpbn) 2012 2013 2014 2015 2016E 2012 2013 2014 2015 2016E
Growth (%)
Deposit
Loan 27.0 21.6 11.0 11.9 11.9
Demand 96,456 103,157 107,419 115,653 127,909
Third party fund 14.5 10.6 9.4 5.8 10.0
Saving 200,802 219,738 228,993 244,608 274,570
Fee-based income 6.4 24.6 13.6 28.5 20.0
Time 73,016 86,591 111,494 113,405 159,634

Customer 370,274 409,486 447,906 473,666 532,112 Ratio (%)

LDR 69.3 76.3 77.4 81.1 81.1
% of Deposit NIM 5.6 6.2 6.5 6.7 6.8
Demand 26.0 25.2 24.0 21.0 21.0 Gross NPL 0.4 0.4 0.6 0.7 0.7
Saving 54.2 53.7 51.1 51.0 51.0 NPL coverage 409 409 324 322 300
Time 19.7 21.1 24.9 28.0 28.0 DPR 25.6 24.4 18.7 22.0 22.0

ROA 3.0 3.3 3.5 3.8 3.8

ROE 22.6 22.3 21.3 21.9 20.0

BOPO 60.6 55.4 57.2 63.2 63.3

CAR 14.7 16.0 17.2 18.7 19.5

Source: Company, Kresna Securities
Source: Company, Kresna Securities