The Jakarta Stock Exchange Composite Index is trading close to the lower end of its historical range, but it is not as cheap as it was during the global financial crisis and Indonesian stocks still look somewhat pricy relative to the broader emerging markets universe.

Citi is not the only global bank taking a cautious view of Indonesia. Early this month, Credit Suisse said, “Indonesia’s favorable long-term growth story remains intact, but, in our view, it was never quite as positive as most people thought.” [Indonesia ETFs: Value Potential]

Citi did not identify particular sectors it views as vulnerable, but EIDO investors should keep an eye an on Indonesian banks, discretionary and staples names as those sectors combine for nearly 63% of the ETF’s weight.

iShares MSCI Indonesia ETF