BCA's Board Aggressively Scoops Up Shares, Analysts Set Price Target at This Level

Amid fluctuations in the Indonesian stock market at the start of 2026, corporate actions by insiders at PT Bank Central Asia Tbk (BBCA) have caught investors’ attention. Rather than adopting a defensive stance, the company’s board of directors has been recorded actively increasing their BBCA shareholdings, with purchase values reaching billions of rupiah.

BCA President Director Hendra Lembong bought shares worth around Rp7.93 billion, while Vice President Director John Kosasih snapped up shares in transactions totalling Rp4.37 billion in March 2026. Additionally, two company directors, Vera Eve Lim and Santoso, bolstered their BBCA holdings by Rp3.46 billion and Rp3.84 billion respectively.

Still within the board, Frengky Chandra Kusuma has accumulated shares worth Rp2.87 billion since 2025. Then, Lianawaty Suwono bought around 300,000 shares worth Rp2.1 billion at the end of January 2026.

This buying spree by company insiders occurred throughout the first quarter of 2026, when BBCA’s share price experienced volatility. Based on transaction data, several company executives poured billions of rupiah from their personal funds to accumulate shares.

The market views this collective and simultaneous move by the top executives as a signal of internal confidence in the company’s long-term prospects.

In market practice, purchases by management are often linked to a “buy on weakness” strategy or capitalising on price pressure as an accumulation opportunity, where BBCA shares traded at 6,425, down 1.53 percent at the close of trading on Friday, 17 April 2026.

Capital market observer Rendy Yefta stated that BBCA shares are trading at a price-to-earnings ratio (PER) of around 15 times. Rendy noted that this private bank’s PER is far lower than that of digital bank issuers, which trade at around 64 times.

“Investors are only paying for 15 years of profits to own the largest, most efficient, and most consistent profit-generating bank in Indonesia,” said Rendy, quoted from his written statement on Saturday, 18 April 2026.

This valuation difference gives rise to the view that the market is pricing BBCA below its fair value, especially considering BCA’s position as a bank with a strong low-cost funding base (CASA) and stable profit growth.