Japan Tobacco Dominates Japan's Combustible Cigarette Market
Wide-moat Japan Tobacco’s, or JT's, third-quarter profits came in slightly below our expectations mainly due to lower earnings from the noncore businesses. The company has revised up its target of like-for-like, or LFL, adjusted operating profits by JPY 17 billion or 4.7% given healthy overseas growth thanks to strong pricing but have reduced the guidance of reported operating profits by JPY 9 billion given a JPY 28 billion impact of adverse foreign exchange movement.ÂWe have reduced our profit...
Japan Tobacco is mainly engaged in the manufacture and sale of tobacco products in the domestic and overseas markets. Along with its affiliates, Co. operates in four principal business segments: Japanese domestic tobacco, international tobacco, pharmaceutical, and processed food. Co. is engaged in the manufacture and sale of cigarettes in Japan and overseas; the research, development, manufacture and sale of ethical pharmaceuticals; and the manufacture and sale of frozen and ambient processed foods, bakery items and seasoning. In addition, Co. is involved in the leasing and management of real estate and the other businesses.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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