Bach Multi Global (BACH IJ/Not rated) - TOWR’s Captive Power & Site-Service Arm Goes Public

BACH is an integrated provider of power-generation equipment and telecom- infrastructure services with 25+ years of history, spanning diesel genset sale and rental (backup and prime power for tower sites and data centers), telecom infrastructure construction, and ongoing O&M. It sits in the picks-and-shovels layer of Indonesia's network build-out, soon to become TOWR's captive power and site-services arm.

BACH is offering 615mn new primary shares (15.06% of enlarged capital, nominal IDR50/sh) at IDR400-500/sh, raising gross IDR246-308bn (c.IDR305bn net at mid). The offer turns effective 29 June, with bookbuilding 1-3 July and IDX listing 7 July. At the band, BACH is valued at IDR1,634-2,042bn, or 10.5-13.1x FY25 P/E (11.8x mid), 8.0-9.6x EV/EBITDA and 3.0-3.8x P/B, broadly in line with the sector's 8.0x TTM EV/EBITDA. Proceeds skew 70/30: c.IDR213bn to genset working capital, c.IDR92bn to debt repayment.

The control story is pre-wired. On 7 Jan, BMSI and GTP signed an irrevocable option; on 13 Mar, GTP noticed exercise to buy 1.04bn shares, lifting GTP to 51.0% (2.1bn) and trimming BMSI to 26.8% (1.1bn), with implied buyout of c.IDR417-512bn. As a secondary transfer via negotiated market, shares outstanding (4.1bn) and float (15.1%) are unchanged. Control passes to the Hartono family, who also control Sarana Menara Nusantara (TOWR)/Protelindo.

Operating momentum is strong: net revenue rose to IDR1.7tr in FY25 (+39.7% YoY), net profit to IDR156bn (+97.6% YoY), with EBITDA margin at 14.4% (FY23: 8.1%), ROE 29.0% and ROIC 20.6%. Protelindo and SUPR contributed 28% of FY25 revenue, fitting TOWR's power-as-a-service push. Pro-forma into TOWR, group revenue rises 13.0% to IDR15.1tr, EBITDA 2.3% to IDR11.2tr, NPATMI 4.2% to IDR3.8tr, and net debt/EBITDA eases to 3.9x from 4.0x.

1,050 1,550 2,050 3,500 5,000 6,500 8,000 9,500 1/20 1/21 1/22 1/23 1/24 1/25 1/26 JCI MSCI EM (pt)

(pt)