Alibaba's break-up turned this fundie more bullish

Which stock in the portfolio is most undervalued by the market? Bank Mandiri in Indonesia stands out as undervalued EM stock. Indonesia is enjoying improvements in business activity and investment. Banks will directly benefit through stronger corporate credit growth and consumer finance penetration - currently only 50 per cent of adults have a bank account, and household debt to GDP is 17 per cent. Mandiri controls 14 per cent of system loans in what is a consolidated banking market where the top four have 52 per cent share. It generates a return of equity of 21 per cent and is…