WBSA Grilled by Stock Exchange After Suspension, Investors Should Beware of This
Jakarta, CNBC Indonesia - PT BSA Logistics Indonesia Tbk (WBSA) has spoken out after being questioned by the Indonesia Stock Exchange (BEI) following a sharp rise in its share price and two instances of suspension since listing on the exchange.
The Indonesia Stock Exchange (BEI) has temporarily halted trading (suspension) in WBSA shares again due to a significant cumulative increase in price.
It is known that WBSA shares surged from the start of listing on the Indonesia Stock Exchange on 10 April 2026 until the first suspension on 20 April 2026, then resumed on 21 April before being suspended again on 24 April.
WBSA shares have been traded for just nine trading days since the IPO, yet the price has skyrocketed by 691%.
Regarding the erratic price surge, the company revealed it does not know the cause of the share price movement on the exchange.
Despite the price nearly multiplying eightfold, the company also claimed there are no significant new contract acquisitions or revenue sources, nor any other material transactions that have not been disclosed to the public.
WBSA management also stated that the current business competition remains relatively stable and competitive, with the company continuing operations in line with its established strategy and business focus.
Management firmly stated that it sees no significant market share shifts that would materially impact the company’s operations.
Furthermore, the company noted there are no ongoing legal matters being faced that would have a material impact and have not been disclosed.
There is no undisclosed material information that could affect WBSA’s share price and/or investors’ decisions, which has not been made public.
According to the IPO prospectus, WBSA’s net profit for the first nine months of 2025 was only Rp 24.13 billion, which, when annualised, gives an earnings per share (EPS) of Rp 3.75.
With the current share price at Rp 1,330, WBSA is trading at a super premium valuation of 355 times basic earnings (PER) and 35 times the company’s book value (PBV).
This positions WBSA as one of the most expensive and overvalued stocks on the Indonesia Stock Exchange (BEI).
In other words, with the current business conditions—without significant new contracts, tight business competition, no market share shifts, no favourable legal matters that materially benefit the company, and no other important information—the company cannot rapidly increase revenue and profits.
Put differently, at the current reference price, investors would recover their investment in 355 years.