JT Beating Full-Year Targets but Guiding a Conservative Outlook; Share Buyback a Positive Surprise
Wide-moat Japan Tobacco’s fourth-quarter profits came above our expectations and its guidance mainly because of additional profits from property divestiture, better-than-expected volume sales in domestic combustible and Iran, on top of contribution of UDTC (Bangladesh) acquisition. We have lowered our forecasts specifically for 2019, which combined with the increased time value of money, has marginal impacts on our JPY 3,600 fair value estimate. It seems that Japan Tobacco's assumptions are some...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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