"It's not just because of Liem, but because Semen Gresik has better earnings growth potential, " says Partono.

CNN: Sizing Up Suharto Shares

As for companies linked to Suharto's billionaire buddy Liem Sioe Liong, investors seem to have switched from Indocement as a core holding to Semen Gresik, a state-controlled listed cement player.

CNN: Sizing Up Suharto Shares

It is also home to Gresik's subsidiary Semen Padang.

CNN: 'THE PEOPLE'S ASPIRATION'