NICHE JUNGLE Indonesia Outlook

A story of catch-up • Indonesia shares with India an economic model based on good demography and internal consumption. . India small caps rerated from 8 times to 24 times earnings during 2009-2023 . . Most of this rerating has occurred in the last two years MXINSC Index (MSCI INDIA SMALL CAP) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2007 2008 Source: Bloomberg Today Indonesian small caps trade below 10 times earnings F60 -50 -40 -30 -20 -10

View entire presentation