Automobile: China Auto Sector Weekly (19-25 Sep 26)

报告摘要

BBCA's August NIM improved to 5.7% (from 5.3% in 1H26) on corporate repricing, supporting a 70-80bp increase in yield and BI placement roll-off. BBCA is hence maintaing its 2026 NIM guidance at 5.4-5.6%. CASA at 85.5% and LDR at 81.0% support a selective growth stance amid soft consumer spending and mortgage demand. Asset quality remains manageable, with LAR improving to 4.9% despite a slight NPL uptick. Maintain BUY with a target price of Rp8,150.