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 - 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...
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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.
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Don't Stub This Butt!!!
The bear arguments for not owning tobacco are beginning to sound like scratched LP records to us. It is all in the price, as they say. It would be...
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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...
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