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Corporate Updates

Gudang Garam (GGRM IJ): FY2020 results in line with estimates

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
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