Corporate Updates

Gudang Garam (GGRM IJ)): Margin improvement with flat volumes

Gudang Garam (GGRM IJ)
BUY / TP: IDR:47,600 (+16.0%)
Analyst: Mewaharti Lai

Margin improvement with flat volumes
• Excise tariff increase
• Expecting ASP increase
• Re-iterate BUY, but with changed TP

Corporate Updates

Gudang Garam (GGRM IJ)): Margin improvement with flat volumes

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