KT&G Corporation: New issuer – Dominant market position in Korea and low leverage underpin credit quality
Our credit view of this issuer reflects its stable earnings and strong operating cash flow, offset by its declining volumes of conventional cigarette sales in Korea.KT&G is engaged in the manufacture and sale of tobacco products. Co. produces three main types of cigarettes: i) 84 millimeter long cigarettes, ii) 100 millimeter long cigarettes, and iii) slim cigarettes which have a smaller diameter than regular cigarettes. Co. produces different brands of cigarettes including "PINE", "ESS", "CARNIVAL", "ZEST","CIMA", "THE ONE", and "BOHEM". Co., through its subsidiary Korea Ginseng Co., Ltd., produces red ginseng products. In addition, Co. sells red ginseng-based products including tablets, capsules, extracts and tea packets containing granulated ginseng.
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