Stock Recommendations: Waiting for Prajogo Pangestu's Hoki in Petrosea (PTRO) Shares

ISSUER - KONTAN.CO.ID – JAKARTA. Not long after going public on the Indonesia Stock Exchange, a coal issuer owned by tycoon Prajogo Pangestu, namely PT Petrindo Jaya Kreasi Tbk (CUAN) continues to expand its business tentacles in the country.

Most recently, CUAN plans to acquire shares of a renowned domestic coal mining contractor issuer, namely PT Petrosea Tbk (PTRO).

The plan is for CUAN to buy 342.92 million PTRO shares. This number represents approximately 34% of all shares placed and fully paid in PTRO. The value of PTRO share purchase by CUAN reaches IDR 940 billion.

After the acquisition, CUAN, through its subsidiary, PT Kreasi Jasa Persada, will become the new controller of PTRO. CUAN's step to become the new controller of PTRO is also just a step away. CUAN only needs to obtain approval from the general meeting of shareholders (GMS) to be held this month.

Read Also: Menanti Tuah Tangan Ajaib Prajogo Pangestu Terhadap Saham Petrosea (PTRO)

Reflecting on the magic touch of Prajogo Pangestu, Head of Research at Kiwoom Securities Indonesia Sukarno Alatas believes that PTRO shares could potentially rise high as well, following the footsteps of other shares such as CUAN and PT Barito Renewables Energy Tbk (BREN).

 

Just so you know, CUAN and BREN successfully became market movers of the Composite Stock Price Index (IHSG) last year along with the surge in their share prices.

Sukarno believes that PTRO already has a good track record and experience, as well as good fundamentals.

“The valuation is quite attractive, it does not rule out the possibility to increase high, but the volatility of the price will certainly still exist,” Sukarno told Kontan.co.id, Tuesday (6/2).

Read Also: Menanti Tuah Prajogo Pangestu ke Saham PTRO, Bagaimana Rekomendasi Sahamnya?

According to Sukarno, regardless of the background of the acquiring party, if the company is able to produce good performance, the chances of its shares rising high will be even greater.

In agreement, Head of Investment Reswara Gian Investa Kiswoyo Adi Joe believes that the acquisition of PTRO shares by CUAN also has a positive impact on its shares. Especially, in the future PTRO's business will be integrated under one roof with CUAN as a coal miner.

Regarding PTRO shares, Sukarno believes investors can do trading buy at the level of IDR 5,550 - IDR 6,000, with a support level at IDR 4,930.