Recent Insider Transactions • Jun 11
President Director recently bought Rp660m worth of stock On the 9th of June, Djauhar Maulidi bought around 250k shares on-market at roughly Rp2,640 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Djauhar has been a buyer over the last 12 months, purchasing a net total of Rp1.3b worth in shares. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to Rp2,940, the stock trades at a trailing P/E ratio of 23.7x. Average forward P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 161% over the past three years. Recent Insider Transactions • May 29
President Director recently bought Rp602m worth of stock On the 22nd of May, Djauhar Maulidi bought around 200k shares on-market at roughly Rp3,010 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Djauhar's only on-market trade for the last 12 months. Announcement • May 21
PT Rukun Raharja Tbk, Annual General Meeting, Jun 23, 2026 PT Rukun Raharja Tbk, Annual General Meeting, Jun 23, 2026. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp3,540, the stock trades at a trailing P/E ratio of 29x. Average forward P/E is 7x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 248% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: US$0.002 (vs US$0.002 in 1Q 2025) First quarter 2026 results: EPS: US$0.002 (in line with 1Q 2025). Revenue: US$55.3m (down 16% from 1Q 2025). Net income: US$8.64m (up 28% from 1Q 2025). Profit margin: 16% (up from 10% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp4,240, the stock trades at a trailing P/E ratio of 38.5x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 375% over the past three years. Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: US$0.006 (vs US$0.006 in FY 2024) Full year 2025 results: EPS: US$0.006 (in line with FY 2024). Revenue: US$266.7m (up 4.8% from FY 2024). Net income: US$27.2m (up 6.6% from FY 2024). Profit margin: 10% (in line with FY 2024). Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp3,950, the stock trades at a trailing P/E ratio of 41.3x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 357% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Rp3,770, the stock trades at a trailing P/E ratio of 39.3x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 372% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp4,800, the stock trades at a trailing P/E ratio of 50.5x. Average forward P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 433% over the past three years. Announcement • Jan 29
PT Rukun Raharja Tbk (IDX:RAJA) announces an Equity Buyback for IDR 250,000 million worth of its shares. PT Rukun Raharja Tbk (IDX:RAJA) announces an share repurchase program. Under the program, the company will repurchase up to IDX 250,000 million. The program will valid till April 28, 2026. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to Rp5,375, the stock trades at a trailing P/E ratio of 56.6x. Average forward P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 484% over the past three years. New Risk • Jan 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp7,425, the stock trades at a trailing P/E ratio of 78.2x. Average forward P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 666% over the past three years. Upcoming Dividend • Jan 02
Upcoming dividend of Rp25.00 per share Eligible shareholders must have bought the stock before 09 January 2026. Payment date: 28 January 2026. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of Indonesian dividend payers (4.9%). Lower than average of industry peers (5.5%). Reported Earnings • Dec 05
Third quarter 2025 earnings released: EPS: US$0.002 (vs US$0.001 in 3Q 2024) Third quarter 2025 results: EPS: US$0.002 (up from US$0.001 in 3Q 2024). Revenue: US$68.4m (up 3.4% from 3Q 2024). Net income: US$6.40m (up 26% from 3Q 2024). Profit margin: 9.4% (up from 7.7% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp5,325, the stock trades at a trailing P/E ratio of 59.8x. Average forward P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 449% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to Rp4,990, the stock trades at a trailing P/E ratio of 56x. Average forward P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 368% over the past three years. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Rp2,110, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 979% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Rp1,485, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 631% over the past three years. Reported Earnings • Sep 25
Second quarter 2024 earnings released: EPS: US$0.002 (vs US$0.001 in 2Q 2023) Second quarter 2024 results: EPS: US$0.002 (up from US$0.001 in 2Q 2023). Revenue: US$61.9m (up 68% from 2Q 2023). Net income: US$7.09m (up 84% from 2Q 2023). Profit margin: 12% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year whereas the company’s share price has increased by 82% per year. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp1,275, the stock trades at a trailing P/E ratio of 12.1x. Average forward P/E is 6x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 565% over the past three years. New Risk • Jun 26
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (58% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: US$0.006 (vs US$0.002 in FY 2022) Full year 2023 results: EPS: US$0.006 (up from US$0.002 in FY 2022). Revenue: US$203.7m (up 61% from FY 2022). Net income: US$25.6m (up 190% from FY 2022). Profit margin: 13% (up from 7.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 3.1% p.a. on average during the next 2 years compared to a 3.3% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has increased by 87% per year whereas the company’s share price has increased by 82% per year. New Risk • Jan 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indonesian stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 2.1% per year over the past 5 years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp1,295, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 399% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to Rp1,310, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 449% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Rp1,170, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 8x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 477% over the past three years. New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indonesian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 22% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to Rp910, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 790% over the past three years. Reported Earnings • Apr 13
Full year 2022 earnings released: EPS: US$0.002 (vs US$0.001 in FY 2021) Full year 2022 results: EPS: US$0.002 (up from US$0.001 in FY 2021). Revenue: US$126.7m (up 29% from FY 2021). Net income: US$8.82m (up 292% from FY 2021). Profit margin: 7.0% (up from 2.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Rp900, the stock trades at a trailing P/E ratio of 37.3x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 1,232% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Rp950, the stock trades at a trailing P/E ratio of 39.6x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 746% over the past three years. Reported Earnings • Nov 28
Third quarter 2022 earnings released: EPS: US$0 (vs US$0 in 3Q 2021) Third quarter 2022 results: EPS: US$0 (in line with 3Q 2021). Revenue: US$31.8m (up 41% from 3Q 2021). Net income: US$1.78m (up US$1.94m from 3Q 2021). Profit margin: 5.6% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 9.4% decline forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 78% per year, which means it is well ahead of earnings. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Independent Commissioner Rachmad Gobel was the last independent director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improved over the past week After last week's 16% share price gain to Rp1,100, the stock trades at a trailing P/E ratio of 62.2x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 468% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Rp995, the stock trades at a trailing P/E ratio of 58.6x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 343% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 15% share price gain to Rp1,055, the stock trades at a trailing P/E ratio of 62.6x. Average forward P/E is 5x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 355% over the past three years. Reported Earnings • Aug 24
Second quarter 2022 earnings released: EPS: US$0 (vs US$0 in 2Q 2021) Second quarter 2022 results: EPS: US$0 (vs US$0 in 2Q 2021). Revenue: US$28.5m (up 19% from 2Q 2021). Net income: US$836.0k (up US$1.19m from 2Q 2021). Profit margin: 2.9% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 22% growth forecast for the Oil and Gas industry in Indonesia. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 57% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorated over the past week After last week's 18% share price decline to Rp905, the stock trades at a trailing P/E ratio of 71.4x. Average forward P/E is 4x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 297% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 18% share price gain to Rp422, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 9x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 21% share price decline to Rp348, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 10x in the Oil and Gas industry in Indonesia. Total returns to shareholders of 47% over the past three years. Reported Earnings • Jun 09
First quarter 2022 earnings released: EPS: US$0.001 (vs US$0 in 1Q 2021) First quarter 2022 results: EPS: US$0.001 (up from US$0 in 1Q 2021). Revenue: US$27.6m (up 5.7% from 1Q 2021). Net income: US$1.98m (up 220% from 1Q 2021). Profit margin: 7.2% (up from 2.4% in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Rp236, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 11x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 2.5% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Independent Commissioner Rachmat Gobel was the last independent director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improved over the past week After last week's 16% share price gain to US$232, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 16x in the Oil and Gas industry in Indonesia. Total loss to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 22% share price decline to US$194, the stock is trading at a trailing P/E ratio of 49.5x, down from the previous P/E ratio of 63.8x. This compares to an average P/E of 14x in the Oil and Gas industry in Indonesia. Total return to shareholders over the past three years is a loss of 47%. Is New 90 Day High Low • Jan 14
New 90-day high: Rp292 The company is up 135% from its price of Rp124 on 16 October 2020. The Indonesian market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 32% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 16% share price gain to US$282, the stock is trading at a trailing P/E ratio of 72.2x, up from the previous P/E ratio of 62.5x. This compares to an average P/E of 16x in the Oil and Gas industry in Indonesia. Total return to shareholders over the past three years is a loss of 1.9%. Is New 90 Day High Low • Dec 28
New 90-day high: Rp290 The company is up 154% from its price of Rp114 on 30 September 2020. The Indonesian market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 29% over the same period. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 27% share price gain to US$284, the stock is trading at a trailing P/E ratio of 34.5x, up from the previous P/E ratio of 27.2x. This compares to an average P/E of 17x in the Oil and Gas industry in Indonesia. Total returns to shareholders over the past three years are 18%. Is New 90 Day High Low • Dec 09
New 90-day high: Rp224 The company is up 87% from its price of Rp120 on 10 September 2020. The Indonesian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 28% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: Rp169 The company is up 52% from its price of Rp111 on 19 August 2020. The Indonesian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 17% share price gain to US$169, the stock is trading at a trailing P/E ratio of 20.6x, up from the previous P/E ratio of 17.6x. This compares to an average P/E of 13x in the Oil and Gas industry in Indonesia. Total return to shareholders over the past three years is a loss of 40%.