Gudang Garam (GGRM IJ)
BUY / TP: IDR:42,300 (+16.5%)
Analyst: Mewaharti Lai
FY2020 results in line with estimates
• Growth in revenue supported by price hike
• Profitability still pressured by excise tax
• Anticipating excise tariff hike
• Re-iterate BUY, but with changed TP