Indonesian Undervalued based on future growth

Bank Negara Indonesia (Persero)

Market Cap: Rp156.9t

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

Indofood CBP Sukses Makmur

Market Cap: Rp93.6t

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

Hanjaya Mandala Sampoerna

Market Cap: Rp89.6t

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

Trimegah Bangun Persada

Market Cap: Rp82.2t

PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing in Indonesia and distributes the products to China, Switzerland, Hong Kong, Sweden, and Singapore.

Alamtri Minerals Indonesia

Market Cap: Rp69.9t

Engages in metallurgical coal mining business in Indonesia.

Alamtri Resources Indonesia

Market Cap: Rp58.5t

Engages in the coal and mining business in Indonesia.

Indofood Sukses Makmur

Market Cap: Rp58.2t

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

Indah Kiat Pulp & Paper

Market Cap: Rp53.1t

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: Rp34.7t

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

Bank OCBC NISP

Market Cap: Rp33.2t

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

Gudang Garam

Market Cap: Rp29.5t

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

Japfa Comfeed Indonesia

Market Cap: Rp29.5t

Operates as an agri-food company in Indonesia.

TIMAH

Market Cap: Rp25.5t

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

PT. Mitra Adiperkasa

Market Cap: Rp19.0t

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

Map Aktif Adiperkasa

Market Cap: Rp19.0t

Operates as a sporting goods retailer in Indonesia.

Solusi Sinergi Digital

Market Cap: Rp17.8t

Engages in the advertising businesses in Indonesia.

Bank Tabungan Negara (Persero)

Market Cap: Rp16.3t

Provides various banking products and services in Indonesia.

Dharma Satya Nusantara

Market Cap: Rp15.9t

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

Sawit Sumbermas Sarana

Market Cap: Rp15.0t

Produces and sells crude palm oil, its derivatives, fresh fruit bunches, palm kernel oil, and palm kernel in Indonesia and internationally.

Harum Energy

Market Cap: Rp14.9t

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

Bank BTPN Syariah

Market Cap: Rp9.7t

Provides various banking products and services in Indonesia.

Aspirasi Hidup Indonesia

Market Cap: Rp7.1t

Engages in the retail of home improvement products in Indonesia.

Lippo Karawaci

Market Cap: Rp6.5t

Provides property development services in Indonesia.

Bank Neo Commerce

Market Cap: Rp6.5t

Provides digital banking products and services in Indonesia.

Erajaya Swasembada

Market Cap: Rp6.4t

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

Puradelta Lestari

Market Cap: Rp6.3t

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

Dharma Polimetal

Market Cap: Rp5.0t

Through its subsidiaries, manufactures and sells automotive components for motorcycles and cars in Indonesia.

Central Omega Resources

Market Cap: Rp4.9t

Engages in the mineral mining business in Indonesia.

Adi Sarana Armada

Market Cap: Rp4.6t

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

Nippon Indosari Corpindo

Market Cap: Rp4.4t

Engages in the bakery and cakes business in Indonesia.

Blue Bird

Market Cap: Rp4.3t

Provides taxi transportation services in Indonesia.

Tunas Baru Lampung

Market Cap: Rp4.1t

Produces and sells vegetable cooking oils in Indonesia.

Arwana Citramulia

Market Cap: Rp3.7t

Manufactures and distributes ceramic tiles in Indonesia.

Wismilak Inti Makmur

Market Cap: Rp3.7t

Manufactures and sells cigarettes in Indonesia and internationally.

PT. Media Nusantara Citra

Market Cap: Rp3.7t

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

Integra Indocabinet

Market Cap: Rp2.3t

Engages in the wooden furniture and other wooden product industry in the United States, Asia, and Europe.