Cigarette maker Gudang Garam (GGRM) was a US$13 billion company in March 2019, but has since lost ground to as low as Rp25,750 today to make a market capitalization of Rp50 trillion (US$3.3 billion) only. Losing nearly US$10 billion of market value in two years clearly hurts, especially looking back at interest from global tobacco players years ago.To subscribe please click here