So, Bank Jago (ARTO) booked net profit of Rp86 billion last year or Rp6.48 per share. That means the last quoted price (Rp15,600) represented PE multiple 2,407. The price translated into market capitalization of Rp214 trillion or 26 x equity as at December 31, 2021 (Rp8.25 trillion). Bank Central Asia (BBCA), the most profitable bank in the country, for a comparison, is traded with PE multiple 31 and PBV 4,8x.To subscribe please click here
