Indonesian Undervalued over 20% based on DCF

Bank Rakyat Indonesia (Persero)

Market Cap: Rp563.2t

Provides various banking products and services in Indonesia and internationally.

Bank Mandiri (Persero)

Market Cap: Rp422.8t

Provides various banking products and services to individuals and businesses in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, England, and the Cayman Islands.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp295.2t

Provides information and communications technology, and telecommunications network services worldwide.

Astra International

Market Cap: Rp202.4t

Operates in the automotive, financial services, heavy equipment, mining, construction, energy, agri, infrastructure and logistics, information technology, and property businesses in Indonesia and internationally.

Indofood CBP Sukses Makmur

Market Cap: Rp115.5t

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

Alamtri Resources Indonesia

Market Cap: Rp55.6t

Engages in the coal and mining business in Indonesia.

Golden Energy Mines

Market Cap: Rp53.8t

Through its subsidiaries, engages in coal mining business in Indonesia, China, India, the Philippines, South Korea, Bangladesh, Cambodia, Malaysia, Hongkong, and Vietnam.

Dayamitra Telekomunikasi

Market Cap: Rp48.9t

Provides telecommunication infrastructure solutions.

Tower Bersama Infrastructure

Market Cap: Rp44.3t

Engages in central telecommunications construction, telecommunications installations, and telecommunications activities with cables.

Vale Indonesia

Market Cap: Rp37.5t

Engages in the mining and processing of nickel in Indonesia.

Bangun Kosambi Sukses

Market Cap: Rp34.3t

Engages in the real estate business in Indonesia.

Triputra Agro Persada

Market Cap: Rp29.9t

Engages in the oil palm plantations and palm oil processing businesses in Indonesia.

AKR Corporindo

Market Cap: Rp26.2t

A logistics and supply chain company, engages in distribution and trading of petroleum and basic chemical products in Indonesia.

Indo Tambangraya Megah

Market Cap: Rp25.9t

Engages in coal mining activities in East, South, and Central Kalimantan.

Indocement Tunggal Prakarsa

Market Cap: Rp18.8t

Manufactures and sells cement and ready-mix concrete products in Indonesia and internationally.

Gudang Garam

Market Cap: Rp17.1t

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

Semen Indonesia (Persero)

Market Cap: Rp16.9t

Manufactures, packs, and distributes cement in Indonesia and internationally.

Ciputra Development

Market Cap: Rp16.7t

Develops and sells real estate properties in Indonesia.

Cemindo Gemilang

Market Cap: Rp14.0t

Engages in manufacture and sale of cement and clinker, and ready-mix concrete in Indonesia and Vietnam.

Multi Bintang Indonesia

Market Cap: Rp12.7t

Operates as a beverage company in Indonesia and internationally.

Selamat Sempurna

Market Cap: Rp11.5t

Manufactures and sells tools or equipment for vehicles, heavy equipment, and other machinery in Indonesia and internationally.

Cikarang Listrindo

Market Cap: Rp11.1t

Operates power generating facilities in Indonesia.

ESSA Industries Indonesia

Market Cap: Rp10.9t

Operates an ammonia plant in Indonesia.

Bank BTPN Syariah

Market Cap: Rp10.9t

Provides various banking products and services in Indonesia.

Salim Ivomas Pratama

Market Cap: Rp10.2t

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

Jakarta Setiabudi Internasional

Market Cap: Rp10.2t

Engages in the hospitality and property businesses in Indonesia.

Jaya Real Property

Market Cap: Rp9.6t

Operates as a property development, management, and investment company in Indonesia.

Bank Pembangunan Daerah Jawa Timur

Market Cap: Rp7.7t

Provides various banking products and services in Indonesia.

Metrodata Electronics

Market Cap: Rp7.4t

Engages in the information and communication technology (ICT) business in Indonesia.

Summarecon Agung

Market Cap: Rp6.9t

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

Jhonlin Agro Raya

Market Cap: Rp6.6t

Engages in the oil palm plantation business in Indonesia.

Mastersystem Infotama

Market Cap: Rp4.9t

Provides information and communication technology infrastructure solutions and system integration services to enterprise banking, oil and gas, enterprise, and telecommunication markets in Indonesia.

Blue Bird

Market Cap: Rp4.8t

Provides taxi transportation services in Indonesia.

Tunas Baru Lampung

Market Cap: Rp4.7t

Primarily manufactures and sells vegetable cooking oils in Indonesia.

Nippon Indosari Corpindo

Market Cap: Rp4.6t

Engages in the bakery and cakes business in Indonesia.

Dharma Polimetal

Market Cap: Rp4.5t

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