{
    "success": true,
    "data": {
        "id": 1852650,
        "msgid": "jeli-and-bach-shares-dumped-by-investors-whats-behind-the-sell-off-1783687925",
        "date": "2026-07-10 18:58:14",
        "title": "JELI and BACH Shares Dumped by Investors: What's Behind the Sell-Off?",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Finance",
        "summary": "Shares of newly listed PT Niramas Utama Tbk (JELI) and PT Bach Multi Global Tbk (BACH) suffered heavy sell-offs on Friday, with JELI hitting the lower auto-rejection limit. The decline reflects investor concerns over JELI's premium valuation despite shrinking revenue and weak cash flow, while BACH faces scrutiny over its thin liquidity and heavy reliance on affiliated parties within the Djarum Group ecosystem.",
        "content": "<p>The euphoria surrounding initial public offerings (IPOs) on the\nIndonesia Stock Exchange (IDX) began to fade on Friday (10\/7\/2026) as\ntwo early July debutants, PT Niramas Utama Tbk (JELI) and PT Bach Multi\nGlobal Tbk (BACH), came under heavy selling pressure. Shares of JELI,\nthe producer of the INACO branded food products, were the most\npressured, plunging 14.81% to Rp1,495 and hitting the lower\nauto-rejection limit. Meanwhile, shares of BACH, a generator set and\ntelecommunications infrastructure company affiliated with the Djarum\nGroup, slumped nearly 10% to Rp500. This contrasted with the performance\nof other newly listed firms, such as Raffi Ahmad\u2019s PT RANS Entertainment\nIndonesia Tbk, which surged by the upper auto-rejection limit on its\ndebut, and PT Prodia Diagnostic Line Tbk, which also ranked among the\ntop gainers. The Jakarta Composite Index (IHSG) itself moved calmly in\npositive territory. JELI officially listed on 7 July 2026 with an IPO\nprice of Rp900 per share, releasing 266 million shares, or 21.01% of its\ncapital, to raise Rp239.4 billion. A key concern is its valuation, which\nhas raced ahead of its earnings performance. Throughout 2025, JELI only\nbooked a net profit of Rp39.0 billion. Although this represents a 235.5%\nsurge from the previous year\u2019s Rp11.6 billion, the percentage jump stems\nfrom a very small base. At its IPO price, the price-to-earnings ratio\nwas already around 31-39 times, far above the food and beverage sector\naverage of 12-18 times. The premium valuation is made riskier by the\ndirection of its core business; instead of growing, JELI\u2019s revenue has\ncontracted for three consecutive years, from Rp838.94 billion in 2023 to\nRp753.05 billion in 2025. This indicates that the profit surge was\ndriven by efficiency gains and margin improvements rather than volume\ngrowth, a source of growth that has natural limits. Adding to the\nconcerns, the company\u2019s operating cash flow collapsed by around 83% in\n2025 due to a spike in trade receivables from credit sales near\nyear-end, raising a classic red flag about the quality of its earnings.\nFurthermore, the company has never paid a dividend in over three decades\nof operation, making its post-IPO dividend promise yet to be proven.\nBACH, which listed on 8 July 2026 at Rp442 per share, also faced warning\nsignals. Broker summary data indicated a significant net sell by one\nbroker amounting to approximately Rp117.4 billion, hinting at a\ndistribution phase. Fundamentally, the company\u2019s cash ratio dropped to\njust 0.02 times in 2025, indicating very tight liquidity, especially as\npart of the IPO proceeds is allocated for working capital to purchase\ngenerators. The company also faces heavy dependency on affiliated\nparties within the Djarum Group ecosystem for its telecommunications\nline, making its performance vulnerable to internal group decisions\nrather than pure market dynamics. Operationally, BACH is exposed to\nsupply chain risks due to its reliance on foreign principals for main\ncomponents, making it susceptible to exchange rate fluctuations and\nglobal supply disruptions.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/jeli-and-bach-shares-dumped-by-investors-whats-behind-the-sell-off-1783687925",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}