Analisis Fundamental Komparatif dan Prospek Valuasi Saham Perbankan Big Four di Bursa Efek Indonesia Pasca-Pandemi (2021-2023)

  • Muhammad Rizqi Amrulloh Universitas Islam Negeri Maulana Malik Ibrahim
Keywords: Fundamental Analysis, Bangking, Stock Valuation, Financial Performance, Indonesia Stock Exchange

Abstract

This study presents an in-depth comparative fundamental analysis of the four largest banks by market capitalization in Indonesia (the Big Four): PT Bank Central Asia Tbk (BBCA), PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), PT Bank Mandiri (Persero) Tbk (BMRI), and PT Bank Negara Indonesia (Persero) Tbk (BBNI). Using secondary data from audited financial reports for the 2021-2023 period, this research applies a quantitative comparative approach to evaluate post-pandemic performance across five key dimensions: profitability, asset quality, growth, capitalization, and market valuation. The analysis reveals that while all four banks posted record net profits driven by declining provision costs, a significant challenge has emerged in the form of Net Interest Margin (NIM) compression due to rising cost of funds. BBCA demonstrates a durable competitive advantage through its superior CASA funding structure, which underpins its profitability and premium valuation. Meanwhile, BBRI excels in micro-segment credit growth, while BMRI and BBNI offer more moderate valuation profiles. This study concludes that beneath market optimism lies a significant divergence in fundamental performance, implying distinct risk-return profiles for investors.

Downloads

Download data is not yet available.

References

Abdulmudy, R. (2017). ANALISIS FUNDAMENTAL SAHAM YANG TERCATAT DI PASAR MODAL INDONESIA SEBAGAI DASAR PENGAMBILAN KEPUTUSAN INVESTASI (Riset Pada Perusahaan Textile Yang Go Public Di BEI). Jurnal Ilmu Ekonomi Adventage, 2(5), 64–71.
Abqari, Z., & Hartono, U. (2020). Pengaruh Rasio Keuangan Terhadap Harga Saham Pada Perusahaan Manufaktur Sektor Industri Barang Konsumsi Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Ilmu Manajemen, 8(2), 459-470.
Anggraeni A Kitta, dkk. (2024). Prospek Saham pada Sektor Perbankan di Indonesia dengan Analisis Fundamental dan Machine Learning. Bulletin of Economic Studies (BEST), 4(2), 132-140.
Farhan, J., Lalo, A., Andar, & Preningrum, H. (2018). Analisis Kewajaran Harga Saham dengan Menggunakan Pendekatan Analisis Fundamental pada Sektor Perbankan di Bursa Efek Indonesia. Jurnal Ilmiah Bongaya (JIB), 21(2), 23-31.
Grady, J. S., Her, M., Moreno, G., Perez, C., & Yelinek, J. (2019). Emotions in storybooks: A comparison of storybooks that represent ethnic and racial groups in the United States. Psychology of Popular Media Culture, 8(3), 207–217. https://doi.org/10.1037/ppm0000185
Junaeni, I. (2017). Pengaruh Kinerja Keuangan Terhadap Harga Saham Pada Perusahaan Makanan Dan Minuman Yang Terdaftar Di Bursa Efek Indonesia. Jurnal Akuntansi, 12(1), 1-18.
Maulana, R., dkk. (2023). The Effect of Capital Adequacy Ratio (CAR), Loan to Deposit Ratio (LDR) and Non-Performing Loan (NPL) Against Return on Asset (ROA) With Net Interest Margin (NIM) as an Intervening Variable in BUMN Bank Listed on the Indonesia Stock Exchange 2018-2022. International Journal of Economics, Finance and Management Sciences, 7(6), 3614-3622.
Pratama, Y. C., & Wiksuana, I. G. B. (2016). Pengaruh EPS, PER, DER dan PBV Terhadap Harga Saham Pada Perusahaan Perbankan di BEI. E-Jurnal Manajemen Universitas Udayana, 5(4), 2216-2244.
Putra, I. W. S., & Putri, I. G. A. M. A. D. (2021). Pengaruh Earning Per Share, Price Earning Ratio, dan Debt To Equity Ratio terhadap Harga Saham Perbankan. Jurnal Riset Akuntansi, 13(2), 123-134.
Sinaga, W. S., dkk. (2023). Studi Pertumbuhan Sektor Perbankan dari Perspektif Analisis Fundamental Keuangan. Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah, 6(2), 357-375.

PlumX Metrics

Published
2025-10-02
How to Cite
Amrulloh, M. R. (2025). Analisis Fundamental Komparatif dan Prospek Valuasi Saham Perbankan Big Four di Bursa Efek Indonesia Pasca-Pandemi (2021-2023). Maliki Interdisciplinary Journal, 3(9), 266-275. Retrieved from https://urj.uin-malang.ac.id/index.php/mij/article/view/16545
Issue
Vol 3 No 9 (2025): SEPTEMBER
Section
Articles

Copyright (c) 2025 Muhammad Rizqi Amrulloh

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Authors who publish with this journal agree to the following terms:

  • Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work’s authorship and initial publication in this journal.
  • Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal’s published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
  • Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.