PT Bach Multi Global Tbk (BACH) is finalising its plans to list on\nthe Indonesia Stock Exchange (BEI) through an initial public offering\n(IPO). The company, which operates two main business pillars\u2014genset\nprovision and telecommunications infrastructure\u2014is targeting public\nfunds to strengthen working capital and repay a portion of its bank\nliabilities. Here is an in-depth review of BACH\u2019s prospectus, dissecting\nfinancial performance trends, operational ratios, and an analysis of the\ncompany\u2019s positive catalysts and business risks.<\/p>\n
Historical Financial Performance<\/p>\n
The company has recorded a highly aggressive growth trend in both its\ntop line and bottom line. BACH\u2019s net profit soared in 2025, in line with\nincreased demand in the genset rental segment and telecommunications\nconstruction service operations.<\/p>\n
Revenue Sources by Business Line<\/p>\n
Unlike issuers dependent on a single sector, BACH has diversification\nacross two critical business lines. In 2025, genset sales and rentals\nwere the largest revenue contributor, followed by the telecommunications\ninfrastructure construction and maintenance segment operated through its\nsubsidiary, PT Bach Multi Infrastruktur (BMI).<\/p>\n
Use of IPO Proceeds Plan<\/p>\n
From this corporate action, BACH is targeting fresh funds of up to\nRp307.50 billion. The company will use a small portion of these funds\nfor deleveraging (paying off debt), while the largest portion is focused\non working capital expansion in the form of purchasing new genset units\nto meet market demand.<\/p>\n
Financial Ratios, Liquidity, and Profitability<\/p>\n
BACH\u2019s capacity to generate profit is increasingly solid, reflected\nin a return on equity (ROE) that reached 29.02% in 2025. However, the\ncompany\u2019s expansion aggressiveness has caused the debt-to-equity ratio\n(DER) to creep up from 0.83x in 2023 to 1.30x in 2025. Short-term\nliquidity (Current Ratio) also shrank to 1.29x, although it remains\nabove the threshold required by banking covenants.<\/p>\n
Positive Catalyst: Digital Infrastructure Group Support<\/p>\n
BACH\u2019s main attraction lies in its business ecosystem. Since July\n2023, the company has been part of a leading digital infrastructure\ngroup affiliated with PT Sarana Menara Nusantara Tbk (Djarum Group),\nwhich manages tens of thousands of towers and hundreds of thousands of\nkilometres of fibre optic networks. Additionally, management\u2019s\ncommitment to distribute dividends of up to 50% of net profit starting\nfrom 2027 is a breath of fresh air for investors.<\/p>\n
Negative Catalyst: Supplier Dependence and Bank Covenants<\/p>\n
Behind its solid fundamentals, BACH faces supply chain risks. The\ncompany is heavily dependent on foreign genset principals such as\nHimoinsa and Guangdong Westinpower, making it vulnerable to fluctuations\nin the rupiah exchange rate against the US dollar. Furthermore, the\nincrease in debt ratios means the company is bound by strict negative\ncovenants from banks, which could limit the scope for corporate actions\nwithout creditor approval.<\/p>\n
Shareholding Structure and Acquisition Manoeuvre (In %)<\/p>\n
Within the shareholding structure, PT Bach Multi Global Tbk (BACH)\nholds a corporate manoeuvre that warrants close scrutiny. Post-IPO, the\npublic shareholding portion is set at 15.06% of the total issued and\nfully paid-up capital. However, attention should be paid to an Option\nAgreement agreed upon on 7 January 2026 between the company\u2019s two\nlargest shareholders. PT Global Telekomunikasi Prima (GTP), as the\ncontrolling shareholder, will execute a call option to purchase shares\nowned by PT Bach Multi Sukses Investama (BMSI) no later than five\nbusiness days after BACH\u2019s shares are officially listed on the exchange.\nThis internal acquisition manoeuvre will directly cement GTP\u2019s position\nas the absolute majority shareholder with an ownership stake reaching\n51.00%.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/bach-eyes-ipo-profit-engine-revs-up-but-import-reliance-poses-risk-1782802304", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }