Shares of the edible bird’s nest drink producer, PT Abadi Lestari Indonesia Tbk (RLCO), are projected to soar another 820% to reach Rp80,000 per share. Since its IPO, RLCO has climbed more than 5,000%, hitting the Upper Auto Reject (ARA) 20 times to Rp8,700 per share as of the close on January 20, 2026. However, the stock has been suspended for a week due to extreme volatility.

In its latest research released on January 26, 2026, Samuel Securities recommended a speculative buy on RLCO, targeting Rp80,000 per share, implying an 820% upside from current levels. The broker and underwriter supporting RLCO are also optimistic the stock could join the MSCI Large Cap constituents, with 2025 earnings projected to grow 15% yoy, exceeding initial forecasts.

Nevertheless, such aggressive targets raise concerns over valuation and market capitalization. Currently, RLCO’s Price to Book Value (PBV) is 154.11x and could surge to 1,442x, while its Price to Earnings Ratio (PER) might exceed 5,000x. Market capitalization could jump to Rp250 trillion from around Rp27 trillion today, equivalent to half the value of BBRI and comparable to major companies like ASII and BRPT.

Although comparing RLCO with BBRI, ASII, or BRPT is not balanced from a business perspective, such a large capitalization without proportional earnings growth raises questions for investors. Therefore, aggressive targets should be paired with realistic considerations to minimize the risk of sharp declines, especially given the stock’s already high volatility.