Indonesian Undervalued based on future growth

Bank Negara Indonesia (Persero)

Market Cap: Rp164.7t

Provides various banking products and services in Indonesia, rest of Asia, New York, and Europe.

Indofood CBP Sukses Makmur

Market Cap: Rp100.9t

Produces and sells consumers products in Indonesia, Rest of Asia, the Middle East, Africa, and internationally.

Hanjaya Mandala Sampoerna

Market Cap: Rp99.5t

Engages in manufacture, distribution, and trading of cigarettes and other tobacco products in Indonesia and Internationally.

Trimegah Bangun Persada

Market Cap: Rp69.9t

PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing business in China, Switzerland, Sweden, and Indonesia.

Indofood Sukses Makmur

Market Cap: Rp62.3t

Operates as a food solutions company in Indonesia, the Middle East, Africa, the rest of Asia, and internationally.

Alamtri Resources Indonesia

Market Cap: Rp56.4t

Engages in the coal and mining business in Indonesia.

Vale Indonesia

Market Cap: Rp47.4t

Engages in the mining and processing of nickel in Indonesia.

Indah Kiat Pulp & Paper

Market Cap: Rp40.6t

Manufactures and sells cultural paper, pulp, tissue, and industrial paper in Indonesia, rest of Asia, the United States, Australia, the Middle East, Africa, and Europe.

Medco Energi Internasional

Market Cap: Rp32.5t

Explores for and produces oil and gas in Indonesia, Asia, Africa, the Middle East, the United States of America, and Europe.

Archi Indonesia

Market Cap: Rp31.8t

Through its subsidiaries, engages in the mining, trading, and processing of gold properties in Indonesia.

Gudang Garam

Market Cap: Rp31.5t

Engages in the manufacture and sale of cigarettes in Indonesia and internationally.

Bank OCBC NISP

Market Cap: Rp31.4t

Provides various banking products and services to corporate and individual customers in Indonesia.

PT. Mitra Adiperkasa

Market Cap: Rp23.6t

Engages in the retail trade of clothing, accessories, bags, and sports equipment in Indonesia, Vietnam, the Philippines, Thailand, and internationally.

TIMAH

Market Cap: Rp23.2t

Engages in tin mining and smelting operations in Indonesia and internationally.

Map Aktif Adiperkasa

Market Cap: Rp22.4t

Operates as a sporting goods retailer in Indonesia.

Solusi Sinergi Digital

Market Cap: Rp18.7t

Engages in the advertising businesses in Indonesia.

Dharma Satya Nusantara

Market Cap: Rp17.9t

Operates in the palm oil and wood product business in Indonesia.

Bank Tabungan Negara (Persero)

Market Cap: Rp17.1t

Provides various banking products and services in Indonesia.

Harum Energy

Market Cap: Rp14.0t

Through its subsidiaries, engages in the coal and nickel mining, logistics, and nickel processing and refining activities in Indonesia and internationally.

Nusantara Sawit Sejahtera

Market Cap: Rp11.9t

Engages in the palm oil plantation business in Indonesia.

Bank BTPN Syariah

Market Cap: Rp10.6t

Provides various banking products and services in Indonesia.

Ancara Logistics Indonesia

Market Cap: Rp10.3t

Engages in the sea transportation, transshipment, and intermediate stockpile services in Indonesia.

Nusantara Sejahtera Raya

Market Cap: Rp9.4t

Engages in the movie screening, restaurants; other management consulting activities; and venue rental; and organizing MICE activities and special events in Indonesia.

Aspirasi Hidup Indonesia

Market Cap: Rp7.7t

Engages in the retail of household appliances and lifestyle products in Indonesia.

Erajaya Swasembada

Market Cap: Rp6.8t

Engages in the distribution and retail of mobile telecommunication devices in Indonesia, Singapore, and Malaysia.

Puradelta Lestari

Market Cap: Rp6.4t

Engages in the development, management, operation, lease, and sale of residential, commercial, industrial real estate properties in Indonesia.

Lippo Karawaci

Market Cap: Rp6.2t

Provides property development services in Indonesia.

Bank Neo Commerce

Market Cap: Rp5.1t

Provides digital banking products and services in Indonesia.

Nippon Indosari Corpindo

Market Cap: Rp4.5t

Engages in the bakery and cakes business in Indonesia.

Tunas Baru Lampung

Market Cap: Rp4.5t

Produces and sells vegetable cooking oils in Indonesia.

Blue Bird

Market Cap: Rp4.4t

Provides taxi transportation services in Indonesia.

Central Omega Resources

Market Cap: Rp4.2t

Engages in the mineral mining business in Indonesia.

Adi Sarana Armada

Market Cap: Rp3.9t

Provides corporate car rental and transportation solutions, logistics, driver services, automotive auction, car sharing, online vehicle trading, and parcel delivery services in Indonesia.

Arwana Citramulia

Market Cap: Rp3.9t

Manufactures and distributes ceramic tiles in Indonesia.

PT. Media Nusantara Citra

Market Cap: Rp3.5t

Operates as an integrated media company that produces and distributes various content on television and other platforms in Indonesia.

Wismilak Inti Makmur

Market Cap: Rp3.0t

Manufactures and sells cigarettes in Indonesia and internationally.