Analysts See Room to Run in BSI Shares as Consensus Target Signals Upside

JAKARTA, Investortrust.id — PT Bank Syariah Indonesia Tbk or BRIS is drawing renewed buy recommendations from analysts on Thursday, Feb 19, 2026 in Jakarta as consensus target prices hover at Rp 2,800, implying upside from the current market price of around Rp 2,340 amid expectations of resilient earnings and stable asset quality.

The recommendation followed a series of research notes highlighting the lender’s solid 2025 performance and management’s 2026 growth guidance.

Samuel Sekuritas maintained its buy call with a Rp 2,800 target price, representing potential upside of roughly 19% from recent levels.

“Based on these fundamentals, BRIS shares deserve to maintain a buy recommendation with a target price of Rp 2,800. This valuation is also supported by sustainable mid-teens ROE and improving earnings quality,” analysts Brandon Boedhiman and Prasetya Gunadi wrote.

The target price implied a price-to-book value of about 2.2 times this year, a premium to some domestic peers but in line with banks delivering consistent return on equity in the mid-teens range.

Consensus Leans Constructive

Data compiled from the InvestingPro dashboard showed the average fair value at Rp 2,484.79, indicating modest upside of about 6% from current levels.

More tellingly, the broader analyst consensus from 15 analysts clustered closer to Rp 2,800, with estimates ranging as high as Rp 4,000.

That spread suggested that while base-case assumptions pointed to gradual appreciation, more bullish scenarios depended on stronger fee-based income growth and continued expansion in low-cost funding.

The bank’s shares remained within a 52-week range of Rp 1,790 to Rp 3,130, reflecting volatility in the broader Jakarta Composite Index and shifting expectations for margin normalization.

Earnings Momentum and Strategy

Last year, BRIS booked net profit of Rp 7.6 trillion, up 8.0% year-on-year, broadly in line with analyst estimates.

Third-party funds rose 16.2% to Rp 380 trillion, with current and savings accounts growing 19.0%, pushing the CASA ratio to 61.6%.

Financing expanded 14.5% to Rp 318 trillion, led by consumer and wholesale segments, while gold-related business surged nearly 80% year-on-year.

Analysts said management’s 2026 guidance of 14% to 16% financing growth, net interest margin above 5.5%, and credit cost below 1.0% provided visibility into earnings resilience even as margins gradually normalized.

“Strategy execution in consumer financing, CASA expansion, and fee income diversification underpins profit growth resilience despite margin normalization,” the analysts wrote.

For investors weighing Indonesia’s banking sector, BRIS offered a blend of growth and relative defensiveness.

The valuation might not appear cheap on headline multiples, but consensus positioning suggested that as long as return on equity stayed in the mid-teens and asset quality remained stable, the stock retained scope for a re-rating toward the Rp 2,800 consensus target and potentially beyond in a more bullish cycle.