PT Gudang Garam Tbk (GGNPF)

PT Gudang Garam Tbk (GGNPF) — VMCI valuation read

PT Gudang Garam Tbk sits at VMCI 62/100, with the Consumer Defensive sector median at 50. That 12-point spread is the first thing to note on GGNPF: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on GGNPF are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on GGNPF: GGNPF trades at 22.0x earnings, 22% above the Consumer Defensive median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 12.0% sits 2.0pp above the Consumer Defensive median (10.0%). The Risk read: net debt to EBITDA of 3.3x is the binding constraint on the bear case, anchoring the bear scenario on a measurable balance-sheet metric.

GGNPF fell 3.7% over the trailing 7 days, with a -17.8% read on a 30-day basis.