Ramayana Lestari Sentosa (RALS), operator of Ramayana and Robinson supermarkets, has collapsed 47% from its peak last year to make a market capitalisation of Rp5.46 trillion, very small compared to Matahari Department Stores (LPPF), which has market cap of Rp42.3 trillion. Why Ramayana is valued that low?To subscribe please click here