*[image: Inline image 1]
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*
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*Update* dari rilis terbaru J.P. Morgan (JPM) perihal *Indonesia
Market*yang berjudul:
*Indonesia Strategy: Seeds of doubt? Foreign fund flows turning negative.*

*Brief*:

*Although underperformers YTD, Indonesian equities are still within 7% of
their all-time high.*
*
*
*We sense that underperformance and the subdued market response to policy
action has led to investors evaluating risks, which in conjunction with the
20% P/E premium to the region may weigh on performance further. We see some
similarities to conditions in 4Q10, when underperformance was followed by
a correction.*
*
*
*Fund flows have turned negative in the last fortnight, and our
in-house index of investor interest reinforces the possibility of an
imminent correction.*
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