Indonesian Potentially Undervalued Small Caps

Dosni Roha Indonesia

Market Cap: Rp125.5b

Through its subsidiaries, engages in trading, export-import, logistic, and information technology (IT) businesses in Indonesia.

Pikko Land Development

Market Cap: Rp747.6b

Develops and sells real estate properties in Indonesia.

Ancora Indonesia Resources

Market Cap: Rp263.5b

Operates in the explosives industry in Indonesia.

Kian Santang Muliatama

Market Cap: Rp131.3b

Engages in the supply of spare parts to engineering, procurement, and construction industry.

Ace Oldfields

Market Cap: Rp106.0b

Manufactures and sells painting equipment and supplies in Indonesia and internationally.

Betonjaya Manunggal

Market Cap: Rp267.8b

Engages in the manufacturing of round bar in Indonesia.

Perma Plasindo

Market Cap: Rp270.8b

Through its subsidiaries, manufactures, imports, distributes, and export trades office equipment in Indonesia.

HATTEN BALI

Market Cap: Rp477.0b

Produces and sells wine in Indonesia.

Global Sukses Digital

Market Cap: Rp255.3b

Engages in the retail trade of photographic equipment and accessories in Indonesia.

Kobexindo Tractors

Market Cap: Rp304.5b

Distributes and services heavy equipment in Indonesia.

Ateliers Mecaniques D'Indonesie

Market Cap: Rp254.9b

Designs, manufactures, and erects boilers in Indonesia, Cameroon, the Republic of Cote D'Ivoire, Papua New Guinea, Nigeria, Liberia, Malaysia, and Sao Tome and Principe.

Suparma

Market Cap: Rp869.3b

Manufactures and sells paper and related paper products in Indonesia.

Formosa Ingredient Factory

Market Cap: Rp195.3b

Produces and sells beverage ingredients in Indonesia and internationally.

Indo Straits

Market Cap: Rp157.3b

Together with its subsidiary, provides integrated marine engineering and logistics support services primarily in Indonesia.

Alumindo Light Metal Industry

Market Cap: Rp282.4b

Manufactures and sells flat rolled aluminum products in Indonesia, the United States, Asia, Europe, Australia, and the Middle East.

Dua Putra Utama Makmur

Market Cap: Rp445.6b

Engages in the fisheries and trading businesses in Indonesia.

Distribusi Voucher Nusantara

Market Cap: Rp187.6b

Provides digital products, payment solution services, and online-to-offline (O2O) platforms in Indonesia.

Langgeng Makmur Industri

Market Cap: Rp145.2b

Manufactures and sells aluminum kitchenware, plastic houseware, pipes, fittings, and profiles in Asia, the Middle East, and internationally.

Ekadharma International

Market Cap: Rp628.9b

Engages in manufacturing and sale of self adhesive tapes and related supplementary materials in Indonesia and Malaysia.

Steady Safe

Market Cap: Rp328.5b

Provides bus transportation services in Indonesia.

Charnic Capital

Market Cap: Rp748.8b

An investment holding company, engages in the property investment business in Indonesia.

Trisula International

Market Cap: Rp540.8b

Designs and manufactures garments in Indonesia.

Megapower Makmur

Market Cap: Rp76.0b

Operates as an independent power producer company in Indonesia.

OBM Drilchem

Market Cap: Rp185.4b

Operates as a manufacturer and provider of specialty drilling fluid additives to the drilling industry in Indonesia and internationally.

Indo Acidatama

Market Cap: Rp379.3b

Operates as an agro-chemical company in Indonesia.

Mitra Pedagang Indonesia

Market Cap: Rp125.0b

A technology company, provides digital products, FMCG, and digital financial services in Indonesia.

Shield On Service

Market Cap: Rp715.5b

Provides outsourcing services in Indonesia.

Sigma Energy Compressindo

Market Cap: Rp121.0b

A service company, provides equipment rental services for the monetization of oil and gas industry.

Buyung Poetra Sembada

Market Cap: Rp638.7b

Engages in the manufacture and trading of rice and its derivative products in Indonesia.

Pudjiadi and Sons

Market Cap: Rp494.6b

Operates in hotel business in Indonesia.

Adiwarna Anugerah Abadi

Market Cap: Rp322.7b

Designs, supplies, and installs fire protection systems in Indonesia.

Indal Aluminium Industry

Market Cap: Rp122.3b

Engages in the manufacture and distribution of aluminum products in Indonesia.

Dharma Samudera Fishing Industries

Market Cap: Rp174.6b

Engages in the collecting, buying, processing, marketing, and trading of fishing products in Indonesia, the United States, Europe, Australia, Indonesia, and internationally.

PP Presisi

Market Cap: Rp1.0t

Operates as an integrated heavy equipment-based construction company in Indonesia.

Multitrend Indo

Market Cap: Rp507.5b

Engages in the retail sale of baby and children's clothing, accessories, and toys in Indonesia.

PT. Polychem Indonesia

Market Cap: Rp777.8b

Produces and sells various chemical products and artificial resin in Indonesia, Asia, and Europe.