Cigarette: Attractive Value Proposition Despite Lingering Regulatory Headwinds...
FY24 excise revenue target growth of 5% yoy and 10% avg. tariff growth implies negative industry volume growth will continue.
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Cigarette: Attractive Value Proposition Despite Lingering Regulatory Headwinds
FY24 excise revenue target growth of 5% yoy and 10% avg. tariff growth implies negative industry volume growth will continue.
305 Views
Cigarette - Upbeat 3Q23 yoy earnings growth; attractive yield play
Our cigarette price survey revealed no significant movements in retail prices during August to Sept 2023, likely given the soft/negative volume...
326 Views
HM Sampoerna (HMSP IJ): 1Q23 Earnings: Solid Growth
HMSP reported 1Q23 net profits of IDR2.16tn, +12.8% yoy & +52% qoq, mainly supported by higher gross margins (18% vs 4Q22’s 16.7%) and top line...
301 Views
Cigarette: Waiting for Change
Excise tax simplification for cigarettes is only likely to take place after 2024, good news for the below tier-1 cigarette producers.
232 Views