HM Sampoerna (HMSP IJ): Below expectations

HM Sampoerna (HMSP IJ)
HOLD-OPF / TP: IDR:1,005 (+9.24%)
Analyst: Laras Nadira

Below expectations
• Net profit fell 16.8% YoY
• Conservative growth in FY2022
• Adjustment in selling expense
• Re-iterate HOLD with new TP