汇丰银行-印尼烟草业-indonesian tobacco：volume guidance,now lower-20170721-hsbc.pdfVIP

Flashnote 21 July 2017   Indonesian Tobacco EQUITIES TOBACCO Volume guidance, now lower Indonesia  Phillip Morris released operational data on Indonesian tobacco Selviana Aripin*, CFA Analyst  Guidance for 2017 Indonesian volume is now lower The Hong Kong and Shanghai Banking Corporation Limited, Singapore Branch  Maintain Hold rating on HM Sampoerna (TP: IDR3,900) and selviana.aripin@.sg +65 6658 0610 Reduce rating on Gudang Garam (TP: IDR54,000) Karen Choi* Head of Consumer Retail Research, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch PM releases operational data on Indonesian tobacco karen.choi@