Still Wary The Jakarta Consumer Goods Index

Valuations for the Jakarta Consumer Goods Index are at extremes, and we maintain our view that a significant retracement in the index would be required before attractive entry levels present themselves. While we have previously identified a relative value play of Indonesian consumer staple equities outperformance to consumer discretionaries, we believe the macroeconomic headwinds are now looking increasingly in favour of consumer discretionaries stocks.

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