Here’s a detailed analysis of PT Sentul City Tbk (IDX: BKSL) and PT Bank Capital Indonesia Tbk (IDX: BACA) based on recent data:
BKSL: Majority is public / retail investors; no dominant controlling shareholder highlighted in available data.
BACA: As of June 30, 2024, PT Capital Global Investama holds 74.70% of shares, while the public owns 25.30% reddit.com+13bankcapital.co.id+13simplywall.st+13.
Q4 2024 TTM metrics (via Simply Wall St):
Gross Margin ≈ 48.7%
Net Profit Margin ≈ 2.33%
P/E ratio ≈ 1,005× (reflects tiny earnings vs market cap) uk.marketscreener.com+2simplywall.st+2simplywall.st+2
Historical data:
Net profit margin was 114.8% in 2024 — likely skewed by one-off gains .
(Fintel report, TTM as of Dec 31, 2024):
Gross Margin ≈ 99%
Operating Margin ≈ 21%
Net Margin ≈ 15% bankcapital.co.id+3fintel.io+3uk.marketscreener.com+3
➡️ Insight: BACA (bank) shows stable healthy margins typical of banks; BKSL’s margins are highly volatile with recent low profitability.
Total assets: IDR 21.2 T; liabilities: IDR 6.07 T → Debt-to-equity: ~15.1%
However, interest coverage ratio is poor (~0.5x), meaning EBIT covers only half of interest obligations simplywall.st
Earlier reports (2020–2022 data):
Debt-to-assets ~0.38–0.44; debt-to-equity ~0.59–0.79
Quick/Current ratios hover near 1.0 and 2.9 respectively; capital and coverage ratios meet covenant requirements
➡️ Insight: BKSL’s leverage is moderate and improving due to rights issue debt repayment, but weak interest cover is a caution. BACA displays solid solvency and compliance typical for regulated banks.
BKSL raised IDR 5 T via rights issue in H1 2023 to reduce short- and long-term debt—liabilities down ~12.5%, with cash used to expand landbank uk.marketscreener.com+2idxchannel.com+2idxchannel.com+2.
As of 2025, still no major news of fresh rights issues.
Removed from S&P Global BMI Index, suggesting lower exposure to international passive funds bankcapital.co.id+10uk.marketscreener.com+10simplywall.st+10.
Noted as one of top-performing property stocks in Jan 2025 — part of a rally in the IDX Property sector .
Market sentiment fluctuates: strong 1-year return (~215%) but weekly volatility (~14.5%) is much higher than average simplywall.st.
Reddit comments (Mar 2025) reveal concern over loan loss provisioning and practices like write-offs to manage NPL ratios. For example:
“Nih gw ktemu maksud lu Bank Capital kan? … pas 2020. Q3 NPL 3% tiba2 Q4 jadi 0%… hapusbuku” ajaib.co.id+9reddit.com+9reddit.com+9
This suggests potential earnings volatility due to provisioning strategies.
| Metric | BKSL (Property) | BACA (Bank) |
|---|---|---|
| Ownership | Public-held; no anchor shareholder. | 74.7% owned by Capital Global Investama bankcapital.co.id |
| Gross Margin | ~48% TTM | ~99% TTM |
| Net Margin | ~2.3% TTM (volatile) | ~15% TTM |
| Debt/Equity | ~15% (improving) | Covered by capital; ratios stable |
| Interest Cover | Weak (~0.5x) | Adequate, compliant with covenants |
| Recent News | Rights issue; stock volatility; index drop. | NPL/ write-off practices flagged on Reddit. |
BKSL: Leverage reduced post-rights issue; solvency improved but earnings remain thin and volatile. High price volatility means greater risk—though it's had strong returns recently.
BACA: Stable profitability and strong margins, but watch for provisioning/write-off practices affecting consistency of earnings. Asset quality reassurance would be welcome.
BKSL: Watch upcoming earnings and interest coverage. Are operating profits rising to sustainably cover interest?
BACA: Review NPL data and provisioning practices in Q1/Q2 2025; look for red flags in asset quality.
Market Sentiment: Both are sensitive to macro/sector shifts—particularly interest rates for banks and property cycle trends.
Let me know if you'd like peer comparisons, valuation metrics, or deeper insight into either company's next financial report!
Berikut adalah analisis terperinci mengenai PT Sentul City Tbk (IDX: BKSL) dan perbandingan singkat dengan PT Bank Capital Indonesia Tbk (IDX: BACA) berdasarkan data terbaru:
BKSL: Mayoritas saham dimiliki publik/ritel; tidak ada pemegang saham pengendali utama yang mencolok.
BACA: Per 30 Juni 2024, PT Capital Global Investama memegang 74,70% saham; publik memiliki 25,30%.
Data TTM Q4 2024 (dari Simply Wall St):
Margin Kotor: ± 48,7%
Margin Laba Bersih: ± 2,33%
Rasio P/E: ± 1.005× (mengindikasikan laba sangat kecil dibanding kapitalisasi pasar)
Data historis:
Margin laba bersih sempat tercatat 114,8% di 2024 — kemungkinan karena keuntungan satu kali (non-recurring).
Data TTM per 31 Desember 2024:
Margin Kotor: ± 99%
Margin Operasi: ± 21%
Margin Laba Bersih: ± 15%
➡️ Kesimpulan: BACA (bank) menunjukkan margin sehat dan stabil seperti umumnya bank. BKSL memiliki margin yang sangat fluktuatif dengan profitabilitas yang masih rendah.
Total aset: IDR 21,2 T; liabilitas: IDR 6,07 T → Rasio utang terhadap ekuitas: ±15,1%
Rasio cakupan bunga lemah (~0,5x) — artinya EBIT hanya cukup untuk membayar setengah dari beban bunga.
Data historis (2020–2022):
Debt-to-assets: ~0,38–0,44; debt-to-equity: ~0,59–0,79
Rasio lancar dan cepat ±1,0 dan 2,9
Rasio kecukupan modal dan cakupan sesuai regulasi dan syarat perjanjian kredit
➡️ Kesimpulan: BKSL memiliki leverage sedang dan membaik karena pelunasan utang dari hasil rights issue. Namun, rasio cakupan bunga masih lemah. BACA menunjukkan solvabilitas baik, khas bank yang teratur.
BKSL melakukan rights issue sebesar IDR 5 T pada paruh pertama 2023 untuk melunasi utang jangka pendek dan panjang—liabilitas turun ±12,5% dan dana juga digunakan untuk perluasan landbank.
Hingga 2025, belum ada kabar rights issue lanjutan.
Dikeluarkan dari Indeks S&P Global BMI—menurunkan eksposur terhadap dana asing pasif.
Jadi salah satu saham properti dengan performa terbaik di Januari 2025 — bagian dari reli sektor properti di BEI.
Sentimen pasar fluktuatif: return 1 tahun ±215% tetapi volatilitas mingguan ±14,5%, jauh di atas rata-rata.
Komentar komunitas Reddit (Mar 2025) menyebutkan kekhawatiran terkait cadangan kerugian kredit dan praktik seperti penghapusan buku untuk menurunkan NPL secara tiba-tiba, misalnya:
“Nih gw ktemu maksud lu Bank Capital kan? … pas 2020. Q3 NPL 3% tiba2 Q4 jadi 0%… hapusbuku.”
Hal ini menimbulkan kekhawatiran soal kualitas aset dan konsistensi laba.
| Metrik | BKSL (Properti) | BACA (Bank) |
|---|---|---|
| Kepemilikan | Mayoritas publik; tanpa pemegang utama | 74,7% dimiliki Capital Global Investama |
| Margin Kotor | ±48% TTM | ±99% TTM |
| Margin Bersih | ±2,3% TTM (fluktuatif) | ±15% TTM |
| Debt/Equity | ±15% (membaik) | Sesuai ketentuan dan stabil |
| Cakupan Bunga | Lemah (~0,5x) | Aman dan sesuai regulasi |
| Berita Terbaru | Rights issue, volatilitas, dikeluarkan dari indeks | Isu NPL & praktik hapus buku |
BKSL: Leverage membaik setelah rights issue; solvabilitas naik, tapi laba masih tipis dan tidak konsisten. Risiko tinggi karena volatilitas harga tinggi—meski return 1 tahun sangat baik.
BACA: Margin stabil dan kuat, tapi patut diperhatikan praktik penghapusan NPL yang bisa memengaruhi kualitas laba. Perlu pemantauan kualitas aset ke depan.
BKSL: Apakah EBIT meningkat untuk menutupi beban bunga secara berkelanjutan?
BACA: Perhatikan NPL dan cadangan kerugian kredit di Q1/Q2 2025; cek kualitas aset.
Sentimen Pasar: Keduanya sensitif terhadap suku bunga dan kondisi sektor masing-masing.
Jika Anda ingin perbandingan valuasi, rasio harga saham, atau estimasi fundamental ke depan, saya siap bantu lanjut!