Japan Tobacco Reports In-Line Results, but Improved PloomTech Sales and Disclosure a Positive
Japan Tobacco’s first-quarter results came in largely in line with our expectations and its internal targets. Like-for-like adjusted operating profits saw marginal 0.5% growth. Pricing of the overseas tobacco business, along with increased pharmaceutical royalty income, offset the double-digit profit decline in the domestic tobacco business. We reiterate our view that brand equity and cost advantages will sustain JT’s competitive edge in combustible cigarettes, although the secular volume declin...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.
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