Under the 2021 Macroeconomic assumptions, the government is targeting an economic growth of 4.5% – 5.5%. If this recovery can be achieved, Indonesia will return to its long-term economic growth. Meanwhile, NHKSI research sets a base case 2021 JCI target of 6,800; which implies a forward P/E of 18.1x. Our top picks for 2021 include: Banking (BBNI, BMRI); Consumer Goods (MYOR, KLBF); Telecommunication (TOWR, TLKM,EXCL); and Property (CTRA, PWON).

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