CUAN and PTRO Stocks Surge as Foreign Investors Accumulate Shares

Jakarta – Shares of Prajogo Pangestu's companies, PT Petrindo Jaya Kreasi Tbk (CUAN) and PT Petrosea Tbk (PTRO), soared significantly in trading on Monday, February 17, 2025.

CUAN shares surged by 14.67% to IDR 8,600 per share, with a trading volume of 36.73 million shares, 26,981 transactions, and a total trading value of IDR 303.15 billion.

Meanwhile, PTRO shares also gained 8.07%, closing at IDR 3,750 per share, with 118.32 million shares traded, 36,273 transactions, and a total trading value of IDR 434.49 billion.

Foreign Investors Accumulate Petrosea Shares

PTRO shares were heavily accumulated by foreign investors. JP Morgan Securities recorded a net buy of IDR 44.2 billion, followed by UBS Securities Indonesia with IDR 16.2 billion, and Mandiri Securities with IDR 13.1 billion. Foreign investors bought a total of IDR 60.7 billion worth of PTRO shares.

Additionally, five executives and commissioners of Petrindo Jaya Kreasi—Erwin Ciputra, Michael, Kartika Hendrawan, Diana Arsiyanti, and Daniel Jr Lopez Laurente—purchased 700,600 CUAN shares at an average price of IDR 7,225 per share on February 14, 2025.

According to Stockbit Securities, these transactions amounted to IDR 5.1 billion and were intended as personal investments by the executives.

Stock Outlook and Price Targets

According to Henan Putihrai Sekuritas' research report published on January 13, 2025, Petrindo Jaya Kreasi (CUAN) has shown rapid growth fueled by acquisitions.

CUAN’s revenue skyrocketed by 612.8%, from USD 76.6 million to USD 546.1 million in the first nine months of 2024 (9M24), supported by the acquisition of PT Multi Tambangjaya Utama and a 41.5% stake in PT Petrosea Tbk (PTRO).

Henan Putihrai recommends a BUY on CUAN shares, with a price target of IDR 16,100 per share.

Meanwhile, in a separate report, Henan Putihrai Sekuritas stated that PTRO is trading at a premium valuation, reflecting market confidence in its long-term growth prospects.

With a 2025 price target of IDR 4,500 per share, the potential upside signals strong investor optimism about PTRO's business strategy.

"PTRO's strategic transformation highlights its commitment to innovation, sustainability, and collaboration. Supported by the Barito Group, portfolio diversification, and a solid funding strategy, the company is on track to become a leader in the energy and construction industries, both in Indonesia and globally," the report concluded.

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