- The Surge: Shares of PT Diamond Citra Propertindo Tbk (DADA), a dormant small-cap stock, exploded over 3,900% from IDR 6 to a peak of IDR 240, driven purely by a rumored “backdoor listing” from Japanese giants Mitsubishi Estate and Kajima Corporation.
- The Exit: At the bubble’s peak on October 10, 2025, the controlling shareholder, PT Karya Permata Inovasi Indonesia, dumped a massive 2.14 billion shares, capitalizing on the frenzy fueled by retail investors.
- The Collapse: Immediately after the insider sale, the stock collapsed over 80%, hitting its lower circuit breaker (ARB) for six consecutive days and crashing to the IDR 50 floor.
- The Aftermath: A wave of retail investors, lured by FOMO and the unverified narrative, provided the perfect exit liquidity for the controller and were left trapped (“nyangkut”) with catastrophic losses.
- The Disconnect: At its peak, DADA’s IDR 1.78 trillion valuation was over 1,600 times its annual earnings, a valuation completely detached from its modest business fundamentals.
The content provided here is for informational purposes only. It is not advice or recommendation. Please do your own research.
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