HM Sampoerna (HMSP IJ): Pricing remains a headwind

HM Sampoerna (HMSP IJ)
HOLD-OPF / TP: IDR:1,140 (-13.0%)
Analyst: Mewaharti Lai

Pricing remains a headwind
• Upshot in line with expectation
• Declining market share
• Margins are expected to improve
• HOLD with unchanged TP