NICHE JUNGLE Indonesia Outlook

A valuation anomaly in an already very attractive market Indonesia's outlook is bright: country should significantly outperform in terms of growth over the next 10 years Indonesia's valuation are interesting Average GDP In Indonesia there is a valuation anomaly: the small cap universe This asset class is trading: at depressed levels in absolute terms despite the rosy growth outlook at a huge discount to the big caps (see next slide for few examples) PE'23 growth '23-27E India Small Cap 23,5x 6,5% India 20,1x 6,5% Thailand 16,3x 3,6% Indonesia 13,8x 5,2% Malaysia 13,3x 4,4% Philippines 12,0x 5,8% ... Singapore 11,6x 2,6% Vietnam 11,1x 7,0% Indonesia Small Cap 9,9x 5,2% Indonesia Infrastructure Small Caps SDG Portfolio 7,7x 5,2% and the fact that there are no financial products on this asset class is clearly one of the reasons Source: Thomson Reuters, NicheAM NICHE JUNGLE

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