Gudang Garam Drops to New Low

JAKARTA (Yosefardi) – Cigarette giant Gudang Garam (GGRM) lost another 3.1% to Rp36,000 Friday (August 23), the lowest level since early 2011.
Gudang Garam has lost 36.1% year-to-date, the worst among Top 20 stocks listed on Indonesia Stock Exchange (IDX). The stock lost 40% from its peak late last year.
At the current price, Gudang Garam has market cap of Rp69.3 trillion, 11th largest below Indocement (Rp69.9 trillion), which lost only 15.4% YTD.
Gudang Garam is now inches above state bank BNI (Rp68.5 trillion) and pharmaceutical giant Kalbe Farma (Rp68 trillion).
Largest cigarette player HM Sampoerna also cut substantially its gain to only 9.8%. Unlike Gudang Garam, HM Sampoerna is rarely traded. The subsidiary of Phillip Morris International is still the largest company on IDX with Rp288.4 trillion of cap.