Nick Cashmore highlighted that Indonesia has been the second best performing market in Asia YTD, +48% in US$ term. Valuations are no longer distressed. In our view, investors should be more cautious about chasing stocks.
Key points from the report:
ASII, UNTR, and BBCA have been the market darling, so not surprisingly valuations look the most stretched.
ISAT, PGAS, and TLKM offer more reasonable value.
Resources: valuations indicate either through cycle earnings or stock prices are rich.
No banks stocks are now trading at distressed valuation multiples.
Cement: valuations look attractive with the exception of SMGR.
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