Gudang Garam - A Still Challenging Outlook Limits Re-Rating Potential
GGRM’s 6-8% price adjustment YTD may support FY24F margins, but we expect volume may continue to be under pressure. We trim our FY24-25F NP by 42-47%
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Cigarette: Attractive Value Proposition Despite Lingering Regulatory Headwinds...
FY24 excise revenue target growth of 5% yoy and 10% avg. tariff growth implies negative industry volume growth will continue.
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Cigarette: Attractive Value Proposition Despite Lingering Regulatory Headwinds
FY24 excise revenue target growth of 5% yoy and 10% avg. tariff growth implies negative industry volume growth will continue.
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Cigarette - Upbeat 3Q23 yoy earnings growth; attractive yield play
Our cigarette price survey revealed no significant movements in retail prices during August to Sept 2023, likely given the soft/negative volume...
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Cigarette: Waiting for Change
Excise tax simplification for cigarettes is only likely to take place after 2024, good news for the below tier-1 cigarette producers.
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