Indonesian Undervalued over 20% based on DCF

Bank Rakyat Indonesia (Persero)

Market Cap: Rp558.7t

Provides various banking products and services in Indonesia and internationally.

Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia

Market Cap: Rp292.2t

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

Indofood CBP Sukses Makmur

Market Cap: Rp110.8t

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

Trimegah Bangun Persada

Market Cap: Rp64.7t

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

Alamtri Resources Indonesia

Market Cap: Rp55.8t

Engages in the coal and mining business in Indonesia.

Golden Energy Mines

Market Cap: Rp54.0t

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: Rp51.0t

Provides telecommunication infrastructure solutions.

Tower Bersama Infrastructure

Market Cap: Rp44.1t

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

Vale Indonesia

Market Cap: Rp43.2t

Engages in the mining and processing of nickel in Indonesia.

Bangun Kosambi Sukses

Market Cap: Rp33.4t

Engages in the real estate business in Indonesia.

Triputra Agro Persada

Market Cap: Rp28.8t

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

Indo Tambangraya Megah

Market Cap: Rp26.1t

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

AKR Corporindo

Market Cap: Rp25.8t

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

Japfa Comfeed Indonesia

Market Cap: Rp18.6t

Operates as an agri-food company in Indonesia.

Ciputra Development

Market Cap: Rp17.3t

Develops and sells real estate properties in Indonesia.

Gudang Garam

Market Cap: Rp16.9t

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

Semen Indonesia (Persero)

Market Cap: Rp16.8t

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

Multi Bintang Indonesia

Market Cap: Rp13.1t

Operates as a beverage company in Indonesia and internationally.

Cikarang Listrindo

Market Cap: Rp11.2t

Operates power generating facilities in Indonesia.

ESSA Industries Indonesia

Market Cap: Rp10.7t

Operates an ammonia plant in Indonesia.

Bank BTPN Syariah

Market Cap: Rp10.6t

Provides various banking products and services in Indonesia.

Jaya Real Property

Market Cap: Rp9.7t

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

Aspirasi Hidup Indonesia

Market Cap: Rp8.3t

Engages in the retail of household appliances and lifestyle products in Indonesia.

Metrodata Electronics

Market Cap: Rp7.2t

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.

ITSEC Asia

Market Cap: Rp6.0t

Provides cybersecurity solution and services in the Asia Pacific region.

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.

Alam Sutera Realty

Market Cap: Rp3.3t

Operates as a property development company in Indonesia.

BISI International

Market Cap: Rp2.6t

Engages in the production and sale of hybrid seeds, horticulture seeds, rice seeds, and agriculture products in Indonesia and internationally.

RMK Energy

Market Cap: Rp2.6t

Provides coal logistic services in Indonesia.

Mark Dynamics Indonesia

Market Cap: Rp2.6t

Manufactures and sells hand former products in Indonesia and internationally.

Agung Podomoro Land

Market Cap: Rp2.3t

Owns, develops, and manages retail, commercial, and residential real estate properties in Indonesia.

Indo Kordsa

Market Cap: Rp2.3t

Engages in the manufacture, marketing, and sale of tire cord fabrics, yarn filaments, nylon tire cord, and raw materials of polyester.

Mandiri Herindo Adiperkasa

Market Cap: Rp2.2t

Provides mineral and coal transportation services in Indonesia.