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GGRM – 1Q20: A Touch Below Our Estimate, FY Outlook Lowered

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Putu Chantika
Putu Chantika
Analyst - Consumer, Retail
Putu Chantika
Latest posts by Putu Chantika (see all)
  • ICBP – Supported by Topline Growth - December 20, 2021
  • ACES – Slowdown in 3Q21 Sales - December 7, 2021
  • ERAA – Continue on Growth Path - December 1, 2021

GGRM still recorded modest growth in revenue and net profit in 1Q20, supported by advances in all segments such as SKM, SKT and paperboard. However, GPM and EBIT margins still recorded a contraction due to a moderate increase in ASP amid an increase in excise tax rates and downward trend in cigarettes volume sales.

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