The massive population of Indonesia just underscores the opportunity for CCL.
All they need are some more of the 263 million population to increase their consumption. It wouldn't take much for the 0.03% of income spent on Coke you suggest to end up being higher.
Noone disputes CCL has recently had an earnings hiccup but there are definite growth avenues in train like Indonesia and Beer. I would see these things contributing to the higher p/e.
