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Gudang Garam tbk pt

GDNGY

Consumer Staples

1

exclusion reason

1 theme

Harmful Products (1)
GDNGY Consumer Staples Current as of March 2026

Gudang Garam tbk pt is screened out under 1 exclusion reason spanning 1 issue category.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Tobacco Products
Since Jan 19, 2010

PT Gudang Garam Tbk is Indonesia's largest tobacco manufacturer, deriving its primary revenue from the production and sale of cigarettes. The company holds a dominant market share of nearly 33% in the Indonesian market and operates as a fully integrated producer. Indonesia is not a party to the World Health Organization Framework Convention on Tobacco Control (FCTC), and the domestic tobacco industry, of which Gudang Garam is a leading player, is noted for its significant interference in public health policy.

The company's core business is the manufacture of kretek cigarettes, a product type specific to the Indonesian market. While specific recent financial data was not captured in the provided evidence, the company's size and market position indicate tobacco products constitute the overwhelming majority of its revenue. There is no evidence of a strategic shift away from tobacco or nicotine products.

Research Sources 1 organization
External

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.