Contents
The consumption story revisited .................................................................................... 3
Reminiscent of the China consumption story? 3
Rising per capita income – the backbone 3
Beyond food – the emergence of an urbanised consumer class 5
Beyond Jakarta – signs of de-centralising growth 6
Household balance sheet is not overstretched 9
Beyond commodities – the capex perspective 11
No hang-over from the commodity boom 12
How to play the unfolding consumption story? ............................................................ 15
Investment theme 1: Discretionary consumption 15
Investment theme 2: Diversification of growth 20
Investment theme 3: Consumers still under-leveraged 23
Indonesia deserves to re-rate...................................................................................... 24