Indofarma (INAF), the state-owned pharmaceutical company, is among the best performing stocks this year with 2537% gain. At the last quoted price, Indofarma’s market capitalization was Rp13.73 trillion, slightly above US$1 billion, around 24 x equity as of September 30, 2016. It is only inches below fellow state pharmaceutical company Kimia Farma (KAEF), which reported substantially stronger fundamentals. How real?To subscribe please click here