5 APRIL 2013 Untuk informasi saja
We cut our earnings for GGRM by 9%-13% for 2013-14 and increase our short-term leverage assumption, as this is a good timing for the company to stock up its tobacco and clove inventories. The minimum wage hike should partially offset the risks of erosion in consumer purchasing power. We remain NEUTRAL on the stock, with a DCF-based target price of IDR49,000, implying 18x 2013 PE. (•̃͡-̮•̃͡)(•̃͡-̮•̃͡)</div>
