Indonesian shares have been among the hardest-hit by recent market volatility, but some pockets still offer value, analysts said.
"Years ago, it was way too easy to be bullish on Indonesia," Wellian Wiranto, Asian investment strategist at Barclays, told CNBC, citing the country's consumption and commodity stories and its stable government. "Now, it's too easy to be bearish."
The Jakarta Composite has climbed more than 200 percent since the start of 2009, compared with the S&P 500's around 82 percent rise over the same period, driven in part by expectations of continuing growth from the region's consumer story amid rising incomes and an emerging middle class.
But amid the recent stock market convulsions, analysts have been expressing doubts about whether that consumption story has gotten expensive.
Indonesian shares are still down around 17 percent from their May peak, touched before concerns that the Federal Reserve would soon begin to taper its asset purchases sparked volatility in global markets. But the index has recovered around 13 percent from its August trough; it is currently down around 2.6% for the year. Indonesia's currency, the rupiah, is among the worst-performing globally; it has lost around 20 percent of its value against the U.S. dollar this year.
Some fund flows have returned to the country, with $78 million in equity inflows in the week ended Sept. 25, up from $14 million the previous week, according to data from ANZ.
(Read more: Indonesia: Is it time to jump back in?)
"We still like the fundamentals. We still like the story of the labor market and the consumption force coming in. A quarter billion people is a lot of people in any kind of economic climate," Wiranto said.
Barclays is sticking with a "nuanced" approach, seeking defensive, liquid big caps, particularly in the telecommunications and consumption segments, Wiranto said.
"Some of those have been selling off quite a bit," although there's been some recovery since the Federal Reserve's September decision to delay tapering its asset purchases, he noted.