ID : HM Sampoerna - Sharing management’s views on 2021F

HMSP guides for volume growth from 2Q21F, thanks to improved consumer mobility and the low base from last year; we project 4% growth in FY21F. While consumers continue to downtrade, HMSP said it has benefited from a relatively resilient premium segment, notably A Mild. Reiterate Hold; we see its margins continuing on a declining trend in FY21F.

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