PT Rukun Raharja Tbk“RAJA”
RAJA maintains a strong position in Indonesia’s gas distribution and transmission market, supported by an increasingly integrated upstream, midstream, and downstream portfolio and long-term contracts with reputable counterparties. Revenue and cash flow visibility are strengthened by multi-year arrangements across the Jabung, Cepu, Rokan, Balikpapan–Samarinda, and Sengkang projects, while planned investments in FLNG, Kasuri, and new pipeline infrastructure provide additional growth potential. The Company’s financial profile is expected to remain strong, with projected 2026 debt-to-EBITDA and debt-to-equity ratios of around 3.7x and 1.0x, respectively, alongside adequate liquidity. However, RAJA remains exposed to concentration risk, with the largest downstream customer contributing about 38% of segment sales, the Rokan pipeline accounting for around 63% of midstream revenue, and Jabung remaining the sole contributor to consolidated upstream revenue. Overall, RAJA’s strong contractual cash flow visibility and financial flexibility provide meaningful support to its credit profile, although business concentration is expected to remain a key constraint over the near to medium term.