Gudang Garam stock trades at IDR 17,075 as analysts see upside

Published on 10/08/2026 at 07:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Gudang Garam stock's first-half net income reached IDR 2.976 trillion despite a 7.2 percent revenue decline. Nine analysts set an average target of IDR 18,028.

Gudang Garam, ID1000068604, Illustration mit AI erstellt.

Gudang Garam (ID1000068604) was last at IDR 17,075 on the Indonesia Stock Exchange on October 8, 2026 at 11:49 a.m. WIB, compared with a prior close of IDR 16,925 and a session change of 0.89 percent. The quote puts the stock 21.8 percent below its 52-week high of IDR 21,825.

Profit rises as revenue falls

According to ANTARA on September 10, 2026, Gudang Garam reported IDR 2.976 trillion in net income for the first half of 2026, compared with IDR 120 billion in the same period of 2025. Revenue fell 7.2 percent to IDR 41.177 trillion from IDR 44.369 trillion.

The earnings improvement came alongside lower costs. ANTARA reported that gross profit rose 58 percent to IDR 5.986 trillion for the first half, lifting the gross margin to 14.5 percent from 8.5 percent. Operating expenses fell 33.8 percent to IDR 2.262 trillion, while cigarette volume dropped 13.6 percent to 20.5 billion sticks from 23.7 billion.

Analysts see a higher valuation

In a September 15, 2026 report, Investor.id said MNC Sekuritas upgraded Gudang Garam from Hold to Buy and set a target price of IDR 24,700. That target lies 44.7 percent above the October 8 price, although the report also linked the profit recovery to cost efficiency rather than stronger cigarette demand.

The broader consensus is Buy, based on Investing.com, with 9 analysts, an average 12-month target of IDR 18,028, a high of IDR 24,700 and a low of IDR 8,500. The average target is 5.6 percent above the current quote, while the spread between the highest and lowest targets highlights differing views on the recovery.

Stock remains below its yearly high

Gudang Garam stock was last at IDR 17,075 on October 8, 2026, with a market capitalization of IDR 32.9 trillion and volume of 450,200 shares. The session range was IDR 16,925 to IDR 17,400, while the 52-week range was IDR 11,200 to IDR 21,825.