HMSP – Revenue supassed IDR111 tn

HMSP – Revenue supassed IDR111 tn HM Sampoerna (HMSP) recorded improving top line in 2022. Revenue came in at IDR111.2 tn or 12.5% yoy. In terms of segment. SKM grew by 11.23% yoy, while SKT 18.8% yoy, while white cigarette drop 1.5% yoy. On the regional sales side, export increased by 44.3% yoy. In all, sales volume at 86.8 bn stick or 4.8% yoy. In the same period, net income drop 11.3% yoy (Source : Bisnis Indonesia). Comment: Improving top line post reopening economy and recovery momentum was as expected. Likewise, declining net profit it was expected as rising excise tax has made cost of revenue spikes. We believe these two main keys story will continue this year. As such, we might see another margin pressure and lower PATMI as well.