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We attended HM Sampoerna ( IJ; Rp3,860; Hold) Pubex with key takeaways as follows:
- Volume sales still hurts by soft economy and above-inflation cigarette tax driven price hike
- As trend towards SKM continues, expands into SKM High Tar category
- SKT remains sluggish but seems stabilizing
- has agreed to issue dividend of Rp12.5tn (~98.2% of FY16 earnings), which translates to Rp108/share (2.8% dividend yield at share price of Rp3,850).
Comment: As we view Indonesia's tobacco market to remain challenging, we maintain HOLD on . (Company)
Sumber : IPS RESEARCH
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