Dasco: Recent Banking Stock Pullback Creates Opportunity for Investors
Jakarta. Deputy House Speaker Sufmi Dasco Ahmad said the recent pullback in Indonesian banking stocks presents an opportunity for investors and institutions to accumulate shares, including those of Bank Central Asia (BCA) and state-owned lenders.
Dasco said BCA's current valuation appears attractive after a sharp correction over the past year, describing the lender as a strategically important institution in Indonesia's economy.
"Its shares are relatively cheap at the moment, so just buy them. BCA is a strategic national private-sector institution," Dasco told reporters at the parliament complex on Thursday.
Shares of BCA (IDX: BBCA), stood at Rp 5,750 as of 2:28 p.m. Jakarta time on Thursday, down 36.19% over the past year. The bank's market capitalization stood at Rp 701.74 trillion, while its dividend yield was 5.87%.
Dasco stressed that any share purchases should comply with prevailing capital market regulations and be conducted through normal market mechanisms.
"As long as the purchases are made through proper market mechanisms, I don't see any issue. Anyone is free to buy," he said.
He reiterated the importance of maintaining fair and transparent trading practices in both corporate actions and investment activities.
"For BCA, as long as everything is carried out through market mechanisms, there should be no problem," Dasco said.
Beyond BCA, Dasco said state-owned banks could also consider share buybacks, arguing that the recent market weakness may offer a strategic entry point for issuers and institutional investors.
"For example, Himbara banks could consider share buybacks. Likewise, investment institutions and market participants may see this as a strategic opportunity to accumulate shares or conduct purchases when market conditions are like what we saw recently," he said.
His remarks come as several major banking stocks remain significantly below their levels from a year ago despite the recent rebound in the Jakarta Composite Index.
Shares of Bank Rakyat Indonesia (BBRI) traded at Rp 2,830 on Thursday, down 30.71% from a year earlier. Bank Mandiri (BMRI) stood at Rp 4,220, a decline of 18.85%, while Bank Negara Indonesia (BBNI) fell 23.35% to Rp 3,480.
Among Himbara, Bank Tabungan Negara (BBTN) was the only outperformer, edging up 0.85% over the past year to Rp 1,190 per share. Meanwhile, Bank Syariah Indonesia (BRIS) traded at Rp 1,815, down 30.73% from a year earlier.
Dasco's remarks came after Indonesian banking stocks staged a rebound in recent sessions, even as the broader market remained volatile.
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