In today’s briefing:
- Japan Tobacco High Conviction Call: No Price Hikes This Year, But Profits Poised to Soar
- Tuhu Car Pre-IPO – Thoughts on Valuation – Will Likely Need a Markdown from Its Latest Funding Round
Japan Tobacco High Conviction Call: No Price Hikes This Year, But Profits Poised to Soar
- Combustible tobacco is declining globally, but Japan Tobacco (2914 JP) is defying the odds by outperforming the industry significantly through capturing market share from competitors.
- Also in Heated Tobacco, Japan Tobacco is slowly but steadily capturing market share from IQOS and other heated tobacco makers.
- There will be no price hikes this year, but we think that there’s enough spillover from the price hikes in the past 3-4 years to maintain JT’s OP growth momentum.
Tuhu Car Pre-IPO – Thoughts on Valuation – Will Likely Need a Markdown from Its Latest Funding Round
- Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
- Tuhu is an integrated online and offline platform for automotive services in China.
- We have looked at the firm’s past performance and undertaken a peer comparison in earlier notes. In this note, we will discuss our earnings assumptions and thoughts on valuation.
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