Indika Energy (INDY) is now valued Rp9.43 trillion, way below its equity (Rp16 trillion) even though the stock has gained 14.2% year-to-date. Indika, one of the largest energy groups, is still 56% below its peak last year. Two listed subsidiaries, Petrosea (PTRO) and Mitrabahtera Segarasejati (MBSS), are also valued way below their respective equities. Why?To subscribe please click here