Rukun Raharja Boosts Growth with Acquisitions as Target Price Raised to Rp 7,000
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JAKARTA, Investortrust.id — PT Rukun Raharja Tbk or RAJA accelerates its integrated energy expansion on Wednesday, Nov 19, 2025 in Jakarta through new acquisitions and midstream upstream projects that are expected to lift profit and support a higher share price target. The strategy aims to turn RAJA into a stronger energy platform as analysts maintain a buy call and revise their valuation upward.
PT Rukun Raharja Tbk (RAJA) appeared increasingly aggressive in expanding its integrated energy portfolio through acquisitions and new projects from midstream to upstream. These expansion moves were expected to support future net profit growth, prompting analysts to keep the stock, which was controlled by businessman Happy Hapsoro, on a buy recommendation.
Samuel Sekuritas recommended buying RAJA with a higher target price of Rp 7,000, around $0.45 per share, based on its updated valuation. The target reflected a 2026 enterprise value to EBITDA multiple of 22.9 times and implied more than 50 percent upside from the previous closing price.
Analysts Fadhlan Banny and Juan Harahap said that the potential jump in RAJA's performance and share price was backed by several corporate actions, including RAJA's acquisition of 49 percent stakes in PT Hafar Daya Konstruksi and PT Hafar Daya Samudera, two midstream entities in the Hafar Group, while Petrosea with ticker PTRO retained the remaining 51 percent.
"With this acquisition, RAJA broadens its exposure to oil and gas construction and logistics and further strengthens the synergy between the Hapsoro Group and PTRO. The deal is expected to add US$ 4 million to RAJA's net profit in 2025 and US$ 12 million in 2026, equivalent to a 12 to 22 percent increase," they wrote in a report published in Jakarta on Tuesday.
RAJA also processed the acquisition of a minority stake in a high value oil and gas block in Indonesia. The analysts said that if the block's characteristics were similar to the Jabung Block, the deal could contribute around US$ 6 million to net profit in 2026, with completion targeted in 2025.
This upstream move was in line with RAJA's short to medium term strategy to secure positions in large production sharing contracts, or PSCs, without acting as operator, while directly managing smaller PSCs. The approach allowed RAJA to gain exposure to sizable reserves while limiting operational risk.
In the midstream segment, RAJA continued to widen its gas value chain by planning the acquisition of a gas trading company in Banten and LNG shipping assets, namely two LNG carriers and one very large gas carrier. The company also carried out feasibility studies for an LNG terminal in Banten and LNG facilities in Kalimantan.
RAJA further strengthened its midstream portfolio through the East Kalimantan fuel pipeline project, which targeted completion in the fourth quarter of 2027, and the Sengkang compressor facility, which aimed to be finished in the fourth quarter of 2025. "These initiatives are expected to add US$ 10 million to US$ 11 million in revenue in 2026 and strengthen the long term revenue base," they wrote.