Nicholas Levenstein dan Rekan
2025 Indonesian Equity Conference
May 12th & 13th 2025 - Grand Hyatt Nusa Dua - Bali, Indonesia
Hosted by Nicholas Levenstein, Fabian Pascoal and Robert Hardy
Bringing together investors, managers, professionals and quality companies.
Quality Connections,
Real Opportunities.
The NLDR 2025 Indonesian Equity Conference is a two-day event featuring insightful information, networking and friendly competitions. It is aimed at connecting clients, investors, and high-quality companies, each prepared with financial statements and concise descriptions to enable meaningful conversations.
My name is Nicholas Levenstein. My company began operations in Indonesia in 2024, and I’ve grown increasingly intrigued by my new home.
Since moving to Indonesia, I’ve taken a strong interest in the local economy and I have compiled a document that highlight Indonesia’s potential, to understand the macro argument for Indonesian Investment:
It’s surprising that private equity investments in Indonesia is only about 1/10th of what the USA companies receives, relative to GDP. The Indonesian Stock market takes a tiny percentage of the economy relative to the American market, and a dollar of earnings costs half of what it does in the USA.
Why so little?
The 2025 Indonesian Equity Conference is aimed at answering the above by bringing together company leaders, interested parties, and investors to discuss the reasons and explore solutions.
Companies will be able to share their experiences and financial details (if they choose to do so), investors will be able to illustrate their requirements, and offer advice on improving enterprise value.
The event will be The highlight will be the “Exit Bootcamp: 10x your Business with Peter Lynch Principals” a one-on-one session where companies will be able to engage with private equity investors and professionals to get actionable advice on increasing their business value and eventually selling their business.
Who will be attending the Conference?
We have designed the Conference to be suitable for several professional figures, including:
Private Equity Investors seeking well-organized, substantial and growing businesses with well-documented finances.
Professionals offering counsel and seeking the most attractive clients in Indonesia.
Banking and Finance Professionals focused on deal structuring.
Corporate Executives from listed and private Indonesian companies seeking valuation, ideas to improve enterprise value and investment.
Our clients! - you are welcome to attend on the house.
NLDR is seeking established talents in media and the financial markets to speak or moderate our event.
Speakers and moderators:
Nicholas Levenstein
I’m pleased to host and moderate a conference focused on two of the most exciting aspects of my professional journey.
I hold a BA from Yale University and an MBA from UCLA. I’m passionate about derivative trading and deal-making, and I can’t wait to share this experience with all of you!
Five years ago, I started trading for myself and clients, and since then, we’ve quintupled our investors’ money. Our CMFDH II fund has achieved a compounded annual return of 91%, even with our worst quarter posting an 8% loss. As one of the unfortunate aspects of being a hedge fund manager is that only few clients reach out directly, this conference is an excellent opportunity to engage with our investors and others interested in our niche expertise.
On day 2, we’ll turn our attention to opportunities in our new home, Indonesia. Buyouts are incredible! The economic indicators here look promising, but we want to hear directly from companies operating in this dynamic market. I will lead a session on Finding Hidden Value in Indonesia’s Equity Market, and we will also feature professionals and investors to discuss challenges, property rights, and cultural considerations specific to Indonesia.
Our hope is for attendees to make meaningful connections. For those staying on for day three, it will be a day for networking, sports, and a bit of friendly competition. Activities include a morning surf group, the Maximilian Golf Cup during the day, and the Maximilian Squash Cup for the “type A” personalities who thrive on competition.
Fabian Buddy Pascoal
A partner and one of the founding members of Hanafiah Ponggawa & Partners (now Dentons HPRP). Having joined the firm's predecessor in 1992, he was made a partner in 1999. He holds all three of the legal professional licenses recognized in Indonesia, being licensed as an Advocate, as a Capital Market Legal Counsel, and as an Intellectual Property Consultant.
As a leading figure in Dentons HPRP, Fabian has played an important role in a wide range of significant transactions involving both domestic and international business in various types of work, such as foreign direct investment, mergers and acquisitions, real estate, Environment, Social & Governance (ESG), carbon, energy, mining, and plantations, and serving as an Indonesian law expert witness in several cases in foreign courts and arbitration hearings.
Fabian’s bio clearly reflects his status as one of the most accomplished and reputable lawyers in Indonesia. What I particularly admire about him, and his partners as well, is their deep involvement in the nitty-gritty aspects of client work. Dentons helped me with my first buyout and also negotiated my first 10-figure credit line. But beyond that, they were always willing to dive into the details—often the less glamorous aspects—with no complaints, making the entire process smooth and efficient. Fabian is no different; even when dealing with something seemingly minor, such as villa property records or other tasks beneath his station, he ensures everything is done to the highest standard.
Robertus Hardy
Robertus brings a wealth of financial expertise and a forward-thinking perspective to his role as host of this conference. With an impressive background that began as a Treasury Officer at PT Bank Mega, Tbk, Robertus quickly rose to prominence in the capital market industry. His experience includes serving as an Investment Strategist and Head of Research at leading firms such as Mirae Asset Sekuritas and Henan Sekuritas.
Armed with a Master’s Degree in Financial Management from Atma Jaya University, Jakarta, Robertus blends academic excellence with a deep understanding of the financial world. His progressive vision and strategic insights have been pivotal in driving innovation and growth at Mobee Digital Asset Exchange.
When I, Nicholas Levenstein, have had the pleasure of speaking to Robertus, it’s always interesting to find out how crypto intersects with humanity in Indonesia. My company uses it to move money to and from IDR instantly and cheaply - his firm Mobee enables our daily business. But then he got very busy before election day? Why was that? Let’s ask him about his wealth of experience.
Agenda
May 12th, 2025: 6:00 PM – 8:00 PM
Welcoming Cocktail Reception
Join us for a welcoming cocktail reception to kick off the conference in style. This is a great opportunity to meet fellow attendees and get acquainted before the main sessions begin.
May 13th, 2025
Conference Day
8:00 AM – 9:00 AM: Breakfast Networking Session
9:00 AM – 10:30 AM: 2024 Ugly Duckling Awards and Metrics for Attendees
10:30 AM – 11:00 AM: Coffee Break
11:00 AM – 12:30 PM: Law Forum: Particularities of the Indonesian Legal System and How It Affects Deals – Fabian Pascoal
12:30 PM – 2:00 PM: Lunch Break
2:00 PM – 3:30 PM: From Stagnation to Shooting Star – Can the MicroStrategy Model Work in Indonesia?
MicroStrategy before Bitcoin: A stagnant but profitable tech company—strong cash flows, but no real growth.
Michael Saylor’s pivot: How he leveraged cash flows and debt to buy Bitcoin, transforming MSTR into a Bitcoin proxy.
Who are Indonesia’s MicroStrategies? Identifying high free cash flow businesses in Indonesia that could replicate this model.
Execution & Risks: Would an Indonesian company legally be allowed to hold crypto reserves? Fabian Pascoal breaks down the regulations.
Integration with digital finance: Robertus Hardy on how a company using this strategy would interact with Mobee Exchange.
What would you do? A discussion on practical ways to execute this in Indonesia.
3:30 PM – 4:00 PM: Afternoon Tea Break
4:00 PM – 5:30 PM: Exit Strategies for Private Equity in Indonesia
6:00 PM – 8:00 PM: Cocktail Party
May 14th, 2025: 8:00am – 6:00pm
Post-Conference Networking - Sports and Networking Events
Join us for a day of sports and networking events to relax and unwind after the conference. This is a great way to deepen connections in a more informal setting.
8:00 AM – 10:00 AM: Sigma Surfers – a session to honor our conference big brothers at Sigma
10:00 AM – 2:00 PM: 2025 Maximilian Cup NLDR Indonesian Golf Tournament
3:00 PM – 5:00 PM: 2025 Nicholas Levenstein Den Rekan Maximilian Cup Squash Tournament
2025 Ugly Duckling Awards: Finding Hidden Value in Indonesia’s Equity Market
Presented by Nicholas Levenstein (co-presented with a renowned business strategist)
In Indonesia’s relatively undervalued equity market, some companies might be considered as mispriced—either overlooked by investors or given disproportionate valuations. Our Indonesian Business report examines these discrepancies, identifying undervalued gems ("Ugly Ducklings") that have strong fundamentals but low market enthusiasm, as well as overhyped stocks ("Prom Queens") that may not justify their sky-high valuations.
This conference session is aimed at business owners, investors, executives, corporate leaders, and entrepreneurs looking to unlock real value in the Indonesian market—whether by investing, restructuring, or preparing for a strategic exit.
It will break down the key findings of this study, using a data-driven approach to help understand what truly drives company value. Attendees will learn how financial metrics, market sentiment, and managerial effectiveness impact valuation—and how to leverage these insights for investment or business strategy.
Exclusive offers for Conference Attendees:
Any attendee who represents an Indonesian public company or will be interested in providing detailed accounting records will receive a customized analysis, showing where they would fit on the valuation spectrum as a public or private entity.
Any business owner or executive can step forward to see their company analyzed in real-time using the NLDR Scoring Valuation Methodology - a proprietary framework for assessing financial and managerial effectiveness.
Attendees will receive a copy of the Ugly Duckling Valuation Checklist, outlining actionable strategies for optimizing company value.
Key Insights from the Study:
How Indonesian public companies compare to U.S. and European market valuations
Market inefficiencies and the potential for growth in Indonesia’s private equity sector
The valuation gap between high-liquidity companies (KOMPAS100) and global benchmarks like the S&P100
Case studies of the top 5 “Prom Queens” and “Ugly Ducklings”
Key objectives:
Identify whether a business is under or overvalued using financial metrics and benchmarks
Learn strategies to reposition an "Ugly Duckling" for stronger market recognition
Understand how foreign market listings and structural changes impact valuation