The independent financial analyst theScreener just slightly lowered the general evaluation of JAPAN TOBACCO (JP), active in the Tobacco industry. As regards its fundamental valuation, the title confirms its rating of 4 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date Janu...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Smoore Tech is a leading e-cigarette and component manufacturer in China. The company was delisted from the venture board in China, the NEEQ. The company has started book building to raise up to USD 918m to list in Hong Kong. In our previous notes, we have looked at the company's background, its brief financials, and its shareholders. We were impressed by the company's stellar growth in the past and its technology-driven business. The company is the number one e-cigarette OEM player in the worl...
Smoore Tech is a leading e-cigarette and component manufacturer in China. The company was delisted from the venture board in China, the NEEQ, and is seeking a listing in Hong Kong to raise up to USD 400 million. In our previous note, we have looked at the company's background, its brief financials, and its shareholders. We are impressed by the company's stellar growth in the past and its technology-driven business. In this note, we take a closer look at the company's latest IPO filing and the ...
Wide-moat Japan Tobacco's first-quarter results came in above our expectations thanks to greater-than-expected pricing variance in the domestic and overseas tobacco businesses, although management considered the results in line with its internal target. Like-for-like adjusted operating profits saw 7% growth. Reported operating profits, up 24%, were lifted by Gilead’s one-off payment of JPY 62 billion for buying back the distribution rights of six HIV drugs. We reiterate our view that brand equ...
Wide-moat Japan Tobacco's first-quarter results came in above our expectations thanks to greater-than-expected pricing variance in the domestic and overseas tobacco businesses, although management considered the results in line with its internal target. Like-for-like adjusted operating profits saw 7% growth. Reported operating profits, up 24%, were lifted by Gilead’s one-off payment of JPY 62 billion for buying back the distribution rights of six HIV drugs. We reiterate our view that brand equ...
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 so...
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 so...
We have lowered our fair value estimate for Japan Tobacco to JPY 3,600 from JPY 3,700 to reflect our reduced forecasts for reduced-risk products in Japan, reduced forecasts for the pharmaceutical business, lowered gains from asset restructuring, and adverse foreign exchange impacts, specifically regarding the Iranian rial, on JTI. Despite a secular volume decline in domestic combustible cigarettes and thus far uninspiring performance against the fierce reduced-risk product competition, we consid...
Japan Tobacco aims to achieve mid- to high-single-digit profit growth through global expansion, e-cigarette investment, and optimization of global manufacturing footprint over the mid- to long run. Regaining share at home by expanding its e-cigarette presence while continually increasing its overseas presence through combustibles will be key to attaining its target.Japan Tobacco International, generating more than half of group profits, will remain the growth engine. Along with continued initiat...
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. We have reduced our pro...
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. We have reduced our prof...
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. We have reduced our prof...
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. We have reduced our pro...
UNH currently trades near corporate averages relative to UAFRS-based (Uniform) Earnings, with a 19.9x Uniform P/E. At these valuations, the market is pricing in expectations for Uniform ROA to compress from current 40% levels in 2017 to 37% in 2022, accompanied by 7% Uniform Asset growth going forward. However, analysts have bullish expectations, projecting Uniform ROA to expand to 44% levels by 2019, accompanied by 12% Uniform Asset growth. In addition, analyst projections have grown consistent...
Japan Tobacco Inc. (2914:JPN) currently trades below recent averages relative to UAFRS-based (Uniform) Earnings, with a 13.8x Uniform P/E, implying bearish expectations for the firm. Moreover, management has concerns about meeting volume targets, long-term industry headwinds, and the launch of the Ploom TECH+ Specifically, management appears concerned about the expected decline in volume across the tobacco industry, and may lack confidence in their ability to meet increased volume targets. Addi...
Japan Tobacco, or JT, announced the acquisition of Bangladesh's United Dhaka Tobacco Company, or UDTC, formerly owned by local conglomerate Akij Group, for JPY 164.5 billion or $1,476 million including JPY 43 billion or $386 million in trademarks and design rights. The deal, following the recent acquisitions in Philippines and Indonesia, is part of JTI's strategic efforts to expand its footprint in the under-represented emerging markets. JT is expecting to leverage UDTC's distribution and sales ...
Japan Tobacco, or JT, announced the acquisition of Bangladesh's United Dhaka Tobacco Company, or UDTC, formerly owned by local conglomerate Akij Group, for JPY 164.5 billion or $1,476 million including JPY 43 billion or $386 million in trademarks and design rights. The deal, following the recent acquisitions in Philippines and Indonesia, is part of JTI's strategic efforts to expand its footprint in the under-represented emerging markets. JT is expecting to leverage UDTC's distribution and sales ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.