[08:57, 11/5/2018] +62 815-7319-0777: FR CGS-CIMB (YU) : Tobacco | PDF
Don't inhale too much!
OVERWEIGHT - Maintained

Author(s): Patricia GABRIELA +62 (21) 3006 1734,
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■ While the headline is positive that the government may keep excise flat while trimming the tier system, we think stick prices may continue to rise by c.9%.
■ This is in line with the government’s long term plan to reduce smoking which suggests that volume may not necessarily be boosted.
■ GGRM should continue to gain market share on better value for money, while HMSP may continue to balance margin and market share.
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