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GGRM – Bumpy Road Ahead for Tobacco Players

  • Author
  • Recent Posts
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 showed its ability to endure the tough quarter, even though the outlook is a bit more muted than last year. Our new estimates suggest lower growth in top line and bottom line for FY20F, as we factor in excise tax hikes issues linger coupled with softer purchasing power.

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