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Consumer Non-Durables

PT Gudang Garam Tbk

  • 76,925.00 IDR
  • +1,125.00
  • +1.48%
  • Indonesia
    Apr 20, 2018
  • Ticker
    JKT(GGRM)
  • Prev. close
    75,800
  • Market cap (IDR)
    145,846.00B
  • Market cap (USD)
    10,509.50M
  • Shares
    1,924.09M

Company Background

Gudang Garam is one of Indonesia's leading cigarette manufacturers, best known for its kretek clove cigarettes. But its share of the domestic market has steadily declined over the last decade to around 20%, as the company comes under pressure from rivals such as HM Sampoerna, which was acquired by Philip Morris in 2005.

The company also faces regulatory headwinds. The government frequently raises cigarette taxes, and now requires producers to put warning labels on packages to alert people to the dangers of smoking.

Surya Wonowidjojo, a Chinese Indonesian businessman, founded Gudang Garam in 1958. The success of his business made him and his family among wealthiest people in Indonesia. His son Susilo became president in 2009. Several family members sit on the board of directors and serve as commissioners. Less than a third of Gudang Garam's shares are publicly traded.

In addition to its core cigarette business, the company owns a media company and a charter airline.

Business Summary

PT Gudang Garam Tbk engages in the manufacture and trade of cigarettes. It operates through the following segments: Cigarettes, Paperboard, and Others. It produces clove cigarettes including low-tar and low-nicotine variants, and the traditional hand-rolled kretek. The company was founded by Surya Wonowidjojo on June 26, 1958 and is headquartered in Kediri, Indonesia.

Financial Highlights

Dec 2017 IDRUSD
Revenue83,305.92B6,225.31M
Gross Profit17,658.84B1,319.61M
Operating income11,118.63B830.87M
Income before tax10,436.51B779.90M
Net income7,753.64B579.41M
EBITDA13,362.62B998.56M
Diluted EPS4,0300.30
Dividends Per Share----
Total Assets66,759.93B4,920.57M
Total liabilities24,572.26B1,811.11M
Total equity42,171.08B3,108.24M
Operating cash flow8,204.57B613.11M
Currency in IDRCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 55,436.95B 65,185.85B 70,365.57B 76,274.14B 83,305.92B
Gross Profit 10,718.09B 13,084.61B 15,077.55B 16,110.67B 17,658.84B
Operating income 6,642.60B 8,573.72B 9,906.24B 9,972.31B 11,118.63B
Income before tax 5,936.20B 7,254.71B 8,635.27B 8,931.13B 10,436.51B
Net income 4,328.73B 5,405.73B 6,435.65B 6,677.08B 7,753.64B
EBITDA 7,750.65B 10,067.05B 11,653.81B 12,057.88B 13,362.62B
Diluted EPS 2,250 2,810 3,345 3,470 4,030
Dividends Per Share 800 800 2,600 2,600 --
Total Assets 50,770.25B 58,234.27B 63,505.41B 62,951.63B 66,759.93B
Total liabilities 21,353.98B 25,099.87B 25,497.50B 23,387.40B 24,572.26B
Total equity 29,264.04B 33,000.15B 37,900.08B 39,487.01B 42,171.08B
Operating cash flow 2,472.97B 1,657.77B 3,200.82B 6,937.65B 8,204.57B
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 5,305.99M 5,494.51M 5,252.24M 5,734.72M 6,225.31M
Gross Profit 1,025.85M 1,102.90M 1,125.42M 1,211.29M 1,319.61M
Operating income 635.77M 722.67M 739.42M 749.77M 830.87M
Income before tax 568.16M 611.49M 644.55M 671.49M 779.90M
Net income 414.31M 455.64M 480.37M 502.02M 579.41M
EBITDA 741.83M 848.55M 869.86M 906.58M 998.56M
Diluted EPS 0.21 0.23 0.24 0.26 0.30
Dividends Per Share 0.07 0.06 0.19 0.19 --
Total Assets 4,171.75M 4,702.00M 4,606.84M 4,672.60M 4,920.57M
Total liabilities 1,754.64M 2,026.63M 1,849.65M 1,735.93M 1,811.11M
Total equity 2,404.60M 2,664.52M 2,749.37M 2,930.93M 3,108.24M
Operating cash flow 236.69M 139.73M 238.91M 521.61M 613.11M

Valuation Measures

Dec 2017
PER20.79
ROA11.95%
ROE18.99%
Operating margin13.34%
Profit margin9.30%

Key executives

  • President Director: Susilo Wonowidjojo
  • Director-Finance: Herry Susianto
  • Director: Buana Susilo
  • Independent Director: Sony Sasono Rahmadi
  • Director: Istata Taswin Siddharta

Shareholders

  • WONOWIDJOJO FAMILY (75.5%)
  • FIL Investment Management (Singapore) Ltd. (0.9%)
  • The Vanguard Group, Inc. (0.8%)
  • FIL Investment Advisors (UK) Ltd. (0.7%)
  • BlackRock Fund Advisors (0.6%)
  • WONOWIDJOJO JUNI SETIAWATI (0.5%)
  • PT Schroder Investment Management Indonesia (0.4%)
  • FIL Investment Management (Hong Kong) Ltd. (0.2%)
  • APG Asset Management NV (0.2%)
  • UBS Asset Management (Singapore) Ltd. (0.2%)

Contact Details

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    Last Updated on 20 Apr, 2018

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