Shares of PT Singaraja Putra Tbk (SINI.JK) surged as much as 17.4% to IDR 12,500 on September 2 after the Indonesia Stock Exchange (BEI) officially lifted the company from its Full Call Auction board — a restricted trading mechanism reserved for stocks flagged for financial distress. The move caps a blistering 47% climb from IDR 8,500 just five trading days earlier, raising the question of whether investors are pricing in a genuine turnaround or simply chasing the removal of a technical constraint. Singaraja Putra Escapes Indonesia's Trading Penalty Box, But Is a Hotel-Turned-Mining Play Worth a 47% Rally?
Shares of PT Singaraja Putra Tbk (SINI.JK) rocketed 17.4% to IDR 12,500 on September 2, extending a 47% surge in just five trading days. The catalyst: Indonesia's stock exchange lifted the company from its Full Call Auction board — a restricted-trading zone for financially distressed stocks — after a massive rights issue swung its books from deep red to solid black. The question now is whether investors are buying a turnaround or a mirage.
A Rp 3.6 Trillion Cash Injection Fixed the Balance Sheet — On Paper. SINI's equity flipped to positive Rp 3.52 trillion as of July 2026, a dramatic reversal from a Rp 125 billion deficit in June and Rp 763 billion deficit at year-end 2025.
The company issued up to 721.5 million new shares at Rp 5,000 each, representing 60% of post-issue shares outstanding — meaning existing holders who didn't participate saw their stakes diluted by more than half. The rights issue was projected to slash the debt-to-asset ratio from 1.44x to 0.62x.
The Real Story Is a Pivot From Hotels to Coal Mining. SINI's legacy business is hospitality — hotels and a timber subsidiary.
But the bulk of the fresh cash — Rp 1.51 trillion — is earmarked to acquire 99.995% of PT Kemilau Mulia Sakti (KMS), a coal mining entity owned by PT Petrosea Tbk (PTRO).
First-half net profit of Rp 683 billion was largely driven by a bargain-purchase gain on the KMS acquisition , not recurring operating income — a red flag for anyone extrapolating earnings.
Leaving the Penalty Box Opens the Door to Normal Trading. Stocks land on Indonesia's FCA board when they have negative equity or other distress markers.
While on it, shares trade only in five brief auction windows per day , severely limiting liquidity. Removal means SINI now trades continuously, attracting a far wider pool of buyers. That technical unlock — not fundamentals — explains much of the rally.
Debt Deadlines Loom This Quarter. SINI still faces Rp 300 billion due to BNI in August–September 2026 and another Rp 300 billion to Bank Mandiri in September 2026. The rights-issue proceeds are partly reserved for early repayment, but execution risk remains real for a company pivoting into a cyclical commodity business.
Bottom line: The balance-sheet fix is genuine, but at IDR 12,500 — 2.5 times the rights-issue price of Rp 5,000 — investors are paying a steep premium for a newly minted coal play with no track record of recurring profits. The euphoria has a short fuse.