Bareksa.com - Ciptadana Sekuritas Asia merekomendasikan beli terhadap saham PT Bank CIMB Niaga Tbk (BNGA) seiring kinerja perseroan di 2022 yang menggembirakan dan di atas perkiraan. Menurut hasil riset Ciptadana Sekuritas (20/2/2023), bank swasta anak usaha CIMB itu berhasil mencetak pertumbuhan laba bersih 23% jadi Rp5 triliun di 2022.

“Reailisasi itu mengalahkan perkiraan kami dan konsensus yang masing-masing memproyeksi tumbuh 11% dan 9%. Kuatnya kinerja perseroan karena didorong oleh pendapatan non bunga yang tumbuh 20% jadi Rp5,3 triliun,” demikian dipaparkan Analis Perbankan Ciptadana Sekuritas, Erni Marsella Siahaan.

Realisasi dan Prediksi Kinerja Keuangan BNGA (Rp miliar)

Sumber : BNGA, estimasi Ciptadana

Erni mengungkapkan pendapatan non bunga BNGA utamanya ditopang oleh item non inti, seperti perdagangan obligasi. Pengendalian biaya operasi perusahaan juga cukup mengagumkan, di mana biaya operasi hanya naik 2,5%, jauh lebih rendah dari perkiraan 12%.

Kinerja pendapatan bunga bersih tumbuh 3% dan margin bunga bersih bertahan di 5% pada 2022. Secara kuartalan, pendapatan kuartal IV 2022 memang menurun 8% jadi Rp1,2 triliun, akibat kenaikan biaya provisi. Namun kinerja kuartal IV ditopang oleh pendapatan non bunga yang melesat 20%. Margin bunga bersih juga sedikit membaik jadi 5,3% pada kuartal IV 2022.

Erni memproyeksikan margin bunga bersih BNGA pada 2023 akan terjaga di kisaran 4,6% hingga 4,8%, meskipun ada tantangan dari transmisi beberapa kali kenaikan suku bunga acuan Bank Indonesia tahun lalu. Rasio dana murah atau Current Account Saving Account (CASA) ditargetkan membaik jadi 68% pada 2023 dari 64% di 2022. “Sementara estimasi rasio CASA BNGA di 6,4% pada 2023,” ungkapnya.

Perseroan juga membidik kenaikan kontribusi dari kredit kendaraan bermotor atau otomotif dan korporasi. Pertumbuhan kredit BNGA melambat jadi 7,6% pada kuartal IV dibandingkan 9,1% di kuartal III 2022. Pertumbuhan kredit masih ditopang oleh segmen korporasi yang naik 12%, otomotif naik 35% dan pembiayaan perumahan 7%.

Pada 2023 perseroan memprediksi pertumbuhan kredit sedikit melambat jadi 6-8% dan masih ditopang sektor konsumer yakni otomotif dan perumahan, seiring dengan segmen korporasi.

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Target Harga Saham BNGA

Mempertimbangkan positifnya prospek kinerja BNGA di 2023, Erni merekomendasikan beli saham BNGA dengan target harga Rp1,490 per saham. Target harga saham ini mempertimbangkan harga wajar buku (PBV) 0,8 / 0,7x.

Pada sesi I perdagangan Selasa (21/2/2023) harga saham BNGA di level Rp1.250 per saham, sepekan terakhir naik 2,04% dan setahun terakhir meroket 22,55%.

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Reksadana dengan Portofolio Saham BNGA

Mempertimbangkan positifnya prediksi kinerja keuangan BNGA yang bisa berdampak positif ke harga sahamnya, kira-kira reksadana mana yang memiliki saham ini dalam portofolionya?

Berdasarkan penelusuran Bareksa terhadap fund fact sheet (lembar fakta reksadana) per Januari 2023 tercatat reksadana Prospera Saham SMC memiliki saham BNGA dalam portofolionya. Reksadana ini mengalokasikan 4,6% dari portofolionya berinvestasi di saham BNGA. Dengan dana kelolaan Rp149,71 miliar pada Januari 2023, maka reksadana ini belanja Rp6,88 miliar di saham BNGA.

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(Eka Sarah Nurfazriah/Romainah/AM)

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