Maybank (ZP) 18/4/19
*Indonesia Strategy*
_Term two underway_
Maintain positive stance
We think the election process so far has been peaceful, smooth and transparent. Preliminary counts suggest Jokowi will be re-elected as president. We expect some changes in economic policies, even though infrastructure will remain one of the key focuses. Meanwhile, the economy remains resilient supported by the large domestic base. We maintain our positive view on the market. *We are most positive on auto, cement, consumer and property sectors.*
Our top picks are *ASII, BMRI, GGRM, HMSP, MAPI, MYOR, RALS, SMGR, SMRA and UNTR.*
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