Seeking Alpha
Editor's notes: The recent Indonesia-related sell-off has left ISAT.JK's shares unreasonably undervalued. 30% upside after factoring in liquidity, currency, and macro risks.

Part of my investment research process is to follow the headlines. In particular, the unflattering ones. For investors who haven't noticed, the headlines are indicating (or screaming?) crisis in emerging markets, where asset prices have been crushed in recent months over macroeconomic fears, evoking memories of the 1997-1998 Asian currency crisis. How the times have changed. Just a few years ago, zealous bond investors couldn't get enough Indonesian debt, as seen in a 2010 bond offering by PT Indosat Tbk [(OTCQB:PTINY) (ISAT:JK)] ("Indosat" or "the company"), the subject company of this column, which was 16 times oversubscribed.

Because of the large price correction and diminished investor risk appetite in emerging market equities, discerning and contrarian...

Only subscribers can access this article, which is part of the PRO research library covering 3,799 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: