Indonesian companies including PT Indofood Sukses Makmur, an instant noodle-maker, and cigarette company PT Gudang Garam are the hottest consumer stocks in emerging markets right now, but they’re also looking pricey. The MSCI Indonesia Consumer Staple Index trades at 37 times earnings, near the most expensive relative to their emerging peers since 2001, after gaining 18 percent this year. Falling inflation and signs of a strengthening economy have made investors bullish on the stocks, for now.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE