汇丰银行-印尼行业策略-indonesiatobacco：seasonalweakness-20170705-hsbc.pdfVIP

5 July 2017   Indonesia Tobacco EQUITIES TOBACCO Seasonal weakness Indonesia  We lay out our expectations for 1H 17 Selviana Aripin*, CFA Analyst We outline issues to watch The Hong Kong and Shanghai Banking Corporation Limited, Singapore Branch  Maintain Hold rating for HMSP (TP: IDR3,900) and Reduce selviana.aripin@.sg +65 6658 0610 rating for GGRM (TP: IDR54,000) Karen Choi* Head of Consumer Retail Research, Asia Pacific The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch We lay out our expectations for 1H2017 results karen.choi@