Indonesian Undervalued based on future growth

Indofood Sukses Makmur

Market Cap: Rp63.7t

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

Bank CIMB Niaga

Market Cap: Rp43.5t

Provides various banking products and services in Indonesia and internationally.

Trimegah Bangun Persada

Market Cap: Rp42.0t

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

Indah Kiat Pulp & Paper

Market Cap: Rp27.6t

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

Vale Indonesia

Market Cap: Rp25.7t

Engages in the mining and processing of nickel in Indonesia.

PT. Mitra Adiperkasa

Market Cap: Rp22.1t

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

Saratoga Investama Sedaya

Market Cap: Rp20.7t

A private equity and venture capital firm specializing in early stage, growth stage and special situations investments.

Japfa Comfeed Indonesia

Market Cap: Rp20.1t

Operates as an agri-food company in Indonesia.

Gudang Garam

Market Cap: Rp19.0t

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

Map Aktif Adiperkasa

Market Cap: Rp18.0t

Operates as a sporting goods retailer in Indonesia.

Sawit Sumbermas Sarana

Market Cap: Rp16.0t

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

Ultrajaya Milk Industry & Trading

Market Cap: Rp14.3t

Operates in the food and beverage industry in Indonesia.

Bank Tabungan Negara (Persero)

Market Cap: Rp14.2t

Provides various banking products and services in Indonesia.

BFI Finance Indonesia

Market Cap: Rp12.0t

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

Nusantara Sejahtera Raya

Market Cap: Rp10.8t

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

Harum Energy

Market Cap: Rp10.1t

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

PT. Indika Energy

Market Cap: Rp7.5t

Operates as an integrated energy company in Indonesia.

Bank BTPN Syariah

Market Cap: Rp7.5t

Provides various banking products and services in Indonesia.

Puradelta Lestari

Market Cap: Rp7.1t

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

Erajaya Swasembada

Market Cap: Rp6.7t

Engages in the distribution and retail of mobile telecommunication devices in Indonesia and internationally.

Arwana Citramulia

Market Cap: Rp4.2t

Manufactures and distributes ceramic tiles in Indonesia.

Blue Bird

Market Cap: Rp3.9t

Provides taxi transportation services in Indonesia.

Surya Semesta Internusa

Market Cap: Rp3.7t

Engages in the construction business.

PT. Media Nusantara Citra

Market Cap: Rp3.5t

Operates as an integrated media company in Indonesia.

Hartadinata Abadi

Market Cap: Rp2.7t

Manufactures and sells gold jewelry in Indonesia.

Adi Sarana Armada

Market Cap: Rp2.2t

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

Indonesia Kendaraan Terminal

Market Cap: Rp1.7t

Engages in the cargo loading-unloading and stacking yard business activities.

Malindo Feedmill

Market Cap: Rp1.6t

Engages in the production of animal feed in Indonesia.

Wintermar Offshore Marine

Market Cap: Rp1.6t

Provides supporting services for the offshore transportation for the oil and gas industry in Indonesia, Malaysia, Brunei, Myanmar, Thailand, India, Vietnam, the Philippines, the Middle East, and Taiwan.