Indonesian Undervalued over 20% based on DCF

Bank Mandiri (Persero)

Market Cap: Rp433.6t

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

Astra International

Market Cap: Rp244.3t

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: Rp86.0t

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

Merdeka Copper Gold

Market Cap: Rp79.6t

Engages in the mining activities in Indonesia.

Indosat Ooredoo Hutchison

Market Cap: Rp67.1t

Provides digital telecommunication services in Indonesia.

Medco Energi Internasional

Market Cap: Rp39.6t

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

Siloam International Hospitals

Market Cap: Rp35.7t

Operates hospitals and clinics in Indonesia.

Cisarua Mountain Dairy

Market Cap: Rp35.1t

Produces and sells dairy and consumer products in Indonesia and internationally.

Sarana Menara Nusantara

Market Cap: Rp28.8t

Owns and operates telecommunication towers for wireless operators in Indonesia.

AKR Corporindo

Market Cap: Rp26.7t

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

TIMAH

Market Cap: Rp25.2t

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

Avia Avian

Market Cap: Rp22.1t

Manufactures and distributes paints and building materials in Indonesia.

Daya Intiguna Yasa

Market Cap: Rp22.0t

Operates as a household appliance, furniture, stationery, electronic, and sport equipment retailer in Indonesia and internationally.

Medikaloka Hermina

Market Cap: Rp18.8t

Operates a network of hospitals in Indonesia.

PT. Indika Energy

Market Cap: Rp17.7t

Operates as an integrated energy company in Indonesia.

Cita Mineral Investindo

Market Cap: Rp16.6t

Engages in bauxite mining activities in Indonesia.

Semen Indonesia (Persero)

Market Cap: Rp16.6t

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

Ultrajaya Milk Industry & Trading

Market Cap: Rp16.0t

Operates in the food and beverage industry in Indonesia.

Industri Jamu dan Farmasi Sido Muncul

Market Cap: Rp15.3t

Provides herbal medicines, cosmetics, and foods and beverage products in Indonesia.

Prima Andalan Mandiri

Market Cap: Rp14.6t

Through its subsidiaries, operates as a coal mining company in Indonesia.

Sawit Sumbermas Sarana

Market Cap: Rp13.6t

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

Yupi Indo Jelly Gum

Market Cap: Rp12.9t

Manufactures and sells gummy candies worldwide.

Garudafood Putra Putri Jaya

Market Cap: Rp12.7t

Manufactures and trades food and beverages in Indonesia and internationally.

ESSA Industries Indonesia

Market Cap: Rp11.6t

Owns and operates liquefied petroleum gas (LPG) refinery in Indonesia.

Cikarang Listrindo

Market Cap: Rp11.6t

Engages in the generation, transmission, and distribution of electricity in Indonesia.

Ancara Logistics Indonesia

Market Cap: Rp10.7t

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

BFI Finance Indonesia

Market Cap: Rp10.2t

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

Bank BTPN Syariah

Market Cap: Rp8.2t

Provides various banking products and services in Indonesia.

Lippo Karawaci

Market Cap: Rp5.3t

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

Dharma Polimetal

Market Cap: Rp4.6t

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

Mastersystem Infotama

Market Cap: Rp4.4t

Engages in the provision of 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: Rp4.1t

Provides taxi transportation services in Indonesia.

Bank Neo Commerce

Market Cap: Rp4.1t

Provides digital banking products and services in Indonesia.

Palma Serasih

Market Cap: Rp3.8t

Through its subsidiaries, engages in the palm oil plantation and processing business in Indonesia.

Arwana Citramulia

Market Cap: Rp3.7t

Manufactures and distributes ceramic tiles in Indonesia and internationally.

Paramita Bangun Sarana

Market Cap: Rp3.3t

Engages in the construction business in Indonesia and Malaysia.