BBCA Bought by the Board of Directors when it Fell! Rare Opportunity Before the Price Flies to 10,000?

Photo; Special

JAKARTA - In the stock market, there is one investment guideline that rarely goes wrong: when the ship's captains buy tickets, it means the ship is ready to sail fast. Currently, we are witnessing a rare momentum in PT Bank Central Asia Tbk (BBCA) shares. In the midst of market fluctuations at the beginning of 2026, instead of being defensive, the BCA senior management is aggressive in snatching their own shares.

This is not just a normal transaction. This is the execution of the buy on weakness strategy - buying premium assets when the price is discounted. This wholesale action is a strong proof that the party who understands the condition of the company's "kitchen" has high confidence in BCA's long-term prospects.

Let's dissect the facts on the ground in the first quarter of 2026. These billion rupiah figures are issued directly from the personal pockets of directors and management:

* Hendra Lembong: Adding massive ammunition with funds up to Rp7.93 billion.* John Kosasih (Vice President Director): Executing a purchase worth Rp4.37 billion in March 2026.* Vera Eve Lim: Issuing fresh funds of Rp3.84 billion to thicken ownership.* Santoso (Director): Locking positions with a total transaction value of Rp3.46 billion in March 2026.* Frenkie Candra Kusuma (Managing Director): Accumulating shares worth Rp2.87 billion since March 2025.* Lianawaty Suwono (Director): Buying 300,000 shares worth Rp2.1 billion at the end of January 2026 precisely when the market was turbulent. If the number one person at the most profitable bank in Indonesia sees the current price as a golden opportunity, why are retail investors hesitant?

Unbelievable Valuation: BCA is Cheaper than Digital Banks

This management belief is very much in line with the reality of its current stock valuation. However, a more appropriate measure to compare bank stocks is no longer PBV, but PER (Price to Earnings Ratio), because PER shows how long investors "pay" the price of a stock from the company's earnings.

Capital market observer Rendy Yefta said that currently, BBCA shares are only traded in the range of PER of around 15 times. This means that investors only pay 15 years of profit to own the largest, most efficient, and most consistently profitable bank in Indonesia. Now compare it with Bank Jago (ARTO). ARTO shares are traded at around PER 64 times. In other words, investors have to pay a valuation more than 4 times more expensive than BBCA for every Rp1 profit generated.

What makes the situation feel "crazy" is the ability to make profits between the two banks is very different. BCA has proven to be able to generate profits of tens of trillions of rupiah consistently and growing rapidly. In fact, when compared to the ability to increase profits 5 times, realistically BCA has the potential to achieve it faster than ARTO because its business base is large, network is strong, CASA is dominant, and profits continue to rise every year.

So the question is simple: why are digital banks, which are still much smaller, have lower profits, and higher risks, valued at 64 times earnings, while BCA, which is much more established, is only valued at 15 times earnings? This phenomenon is called "mispricing". The market seems to be giving a big discount to BBCA shares. When investors begin to realize this inequality, usually what happens is that BBCA's valuation will rise back to a more reasonable level.

Potential for Big Capital Gains in Front of the Eyes

This cheap valuation combined with the accumulation signal of "insiders" only leads to one conclusion: BBCA shares are putting horses in place for a strong rebound. Taking BBCA at the current price is like buying a premium property in the best location when it is on sale.

If BBCA alone is valued slightly higher, for example PER 18-20 times as its historical average, then its share price has the potential to rise significantly from the current level. The target is to penetrate Rp10,000 per share in a few months to be a very realistic scenario. Don't forget, the record All-Time High of this stock has almost touched Rp11,000 per share. This means that the room for increase is still wide open. The risk is relatively small because the fundamentals are very strong, while the potential for profit is large because the valuation is still too cheap.

The opportunity to buy shares of the banking king at a "discounted" price does not come every day. Management has given signals with billions of rupiah. PER valuation also shows that BBCA is much cheaper than digital banks such as ARTO.

The decision is now in the hands of investors: buy when the market is still hesitant, or only join when BBCA prices have returned to flying above Rp10,000 per share.