Rukun Raharja Shares Rise, IDX Gives Suspension

The shares of Rukun Raharja (RAJA) were officially terminated by the Indonesia Stock Exchange on July 22, 2022. The suspension was carried out after the share price soared quite high.

RAJA is known as a company that provides integrated energy from upstream to downstream. This company has been established since 1993. Actually this company is engaged in property / real estate.

However, as the development progressed, RAJA was listed as a public company on the IDX. Since then, the company has continued to conduct limited public offerings as part of strengthening its capital structure in 2004.

Until finally in 2010 the shares of Rukun Raharja or with the stock code RAJA entered the integrated energy provider sector as it is today.

So that it is more focused on its 4 business pillars. Starting from gas trading, upstream energy business, gas infrastructure and power plants. Until now the company continues to try to develop business in this field.

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Increase in Shares of Rukun Raharja

RAJA’s shares have recorded a serious increase throughout July 2022. The share price for the last trading Thursday last week was at Rp 845 per share.

Estimates shot up 141% from its last price of Rp 350/share. As a result of this significant increase, KING was suspended in the regular and cash markets.

Last Friday, RAJA’s stock cooled down. However, the suspension that the IDX gave was only temporary. The shares from PT Rukun Raharja Tbk can trade again on July 25, 2022.

There is research that comes on July 20, 2022 if the analysis of RAJA coverage shares. So recommend buying RAJA with a target price of IDR 1,300 per share.

The involvement of RAJA’s shares in pipeline infrastructure investment has the potential to flow 200 kboepd of crude oil. So this is able to boost financial performance.

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KING Gets Suspension from IDX

As we already know, Rukun Raharja’s stock has experienced a fairly high increase. This resulted in the company getting a suspension from the IDX.

Although it is only temporary, it is hoped that it will give market participants time. With the suspension, investors can carefully consider their investment decisions in RAJA.

The IDX itself also hopes that all parties can observe the disclosure of information that has been provided by the company.

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RAJA Stock Prediction in 2023

In 2023, it is predicted that Rukun Raharja’s shares can pocket an additional EBITDA of US$ 27 million. So that the total EBITDA throughout 2023 will reach US$ 55 million.

The increase occurred as much as 42% year on year (yoy) from the prediction in 2022 of US $ 39 million. Even for the net profit of RAJA’s shares when it scored US$ 19 million in 2023.

There is a visible increase of 172% yoy from this year which was only US$ 7 million. In 2021, RAJA shares issued a capital of US$ 63 million for infrastructure.

Where the joint operation of KSO with Pertagas is established. Contracts last up to 20 years. This allows Rukun Raharja’s shares to increase the production of crude oil distribution to reach 200 kboepd. (R10/HR-Online)