Indonesian Undervalued based on future growth

Bank Negara Indonesia (Persero)

Market Cap: Rp138.2t

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

United Tractors

Market Cap: Rp107.3t

Provides coal mining services in Indonesia.

Alamtri Minerals Indonesia

Market Cap: Rp72.0t

Engages in metallurgical coal mining business in Indonesia.

Trimegah Bangun Persada

Market Cap: Rp71.5t

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 Resources Indonesia

Market Cap: Rp69.4t

Engages in the coal and mining business in Indonesia.

Indofood Sukses Makmur

Market Cap: Rp58.0t

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

Indah Kiat Pulp & Paper

Market Cap: Rp53.6t

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

Perusahaan Gas Negara

Market Cap: Rp43.4t

Engages in the transmission and distribution of natural gas in Indonesia.

Medco Energi Internasional

Market Cap: Rp38.3t

Explores for and produces oil and gas in Indonesia, Asia, Africa, the Middle East, and the United Kingdom.

Archi Indonesia

Market Cap: Rp37.7t

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

Pabrik Kertas Tjiwi Kimia

Market Cap: Rp29.0t

Manufactures and sells writing and printing paper products in Asia, Africa, Europe, the Middle East, the United States, and internationally.

TIMAH

Market Cap: Rp27.6t

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

Bank Tabungan Negara (Persero)

Market Cap: Rp18.2t

Provides various banking products and services in Indonesia.

Dharma Satya Nusantara

Market Cap: Rp17.8t

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

Ancara Logistics Indonesia

Market Cap: Rp13.3t

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

Harum Energy

Market Cap: Rp12.9t

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

Astra Otoparts

Market Cap: Rp12.5t

Manufactures, sells, distributes, and exports spare parts for two-wheelers and four-wheelers in Indonesia, the Rest of Asia, the Middle East, the United States, Europe, and Africa.

Hartadinata Abadi

Market Cap: Rp11.9t

Manufactures and sells gold jewelry in Indonesia.

BFI Finance Indonesia

Market Cap: Rp10.2t

Provides investment, working capital, multipurpose, and other financing services primarily in Indonesia.

Salim Ivomas Pratama

Market Cap: Rp10.2t

Produces and sells edible oils and fats in Indonesia, China, Singapore, Nigeria, Timor Leste, India, the Philippines, Germany, Ghana, Papua New Guinea, Haiti, and internationally.

Bank BTPN Syariah

Market Cap: Rp8.2t

Provides various banking products and services in Indonesia.

Puradelta Lestari

Market Cap: Rp6.4t

Engages in the residential, commercial, and industrial real estate businesses in Indonesia.

Aspirasi Hidup Indonesia

Market Cap: Rp6.0t

Engages in the retail of home improvement products in Indonesia.

Erajaya Swasembada

Market Cap: Rp6.0t

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

Lippo Karawaci

Market Cap: Rp5.7t

Engages in real estate development, healthcare and lifestyle businesses in Indonesia.

Summarecon Agung

Market Cap: Rp5.5t

PT Summarecon Agung Tbk constructs and develops real estate properties in Indonesia.

Elnusa

Market Cap: Rp5.0t

Provides oil and gas services in Indonesia.

Bank Neo Commerce

Market Cap: Rp4.2t

Provides digital banking products and services in Indonesia.

Tunas Baru Lampung

Market Cap: Rp4.2t

Produces and sells vegetable cooking oils in Indonesia.

Matahari Department Store

Market Cap: Rp4.1t

Operates department stores in Indonesia.

Blue Bird

Market Cap: Rp4.1t

Provides taxi transportation services in Indonesia.

Central Omega Resources

Market Cap: Rp3.9t

Engages in the mineral mining business in Indonesia.

Wismilak Inti Makmur

Market Cap: Rp3.8t

Manufactures and sells cigarettes in Indonesia and internationally.

Arwana Citramulia

Market Cap: Rp3.7t

Manufactures and distributes ceramic tiles in Indonesia and internationally.

Adi Sarana Armada

Market Cap: Rp3.2t

Provides transportation solutions in Indonesia.

Integra Indocabinet

Market Cap: Rp1.8t

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