摩根大通：全球烟草行业研究报告2009年1月

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Global Tobacco - Smoke Signals
The Second Most Important Inauguration
Global Tobacco
Erik Bloomquist, CFAAC *
(44-20) 7325-9917
erik.a.bloomquist@jpmorgan.com
Sam H Weeman
(44-20) 7742-6481
samuel.h.weeman@jpmorgan.com
J.P. Morgan Securities Ltd.
* Registered/qualified as a research analyst under NYSE/NASD rules
See page 95 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision. Customers of J.P. Morgan in the United States can receive independent, third-party research on the company or companies
covered in this report, at no cost to them, where such research is available. Customers can access this independent research at
www.morganmarkets.com or can call 1-800-477-0406 toll free to request a copy of this research.
India
Vineet Sharma AC
(852) 2800-8523
vineet.k.sharma@jpmorgan.com
Malaysia
Nicole Goh AC
(60-3) 22704702
nicole.sy.goh@jpmorgan.com
South Korea
Jinah Lee AC
(82-2) 758-5723
jinah.lee@jpmorgan.com
Sector View & Outlook
• Inaugurating the J.P. Morgan Global Tobacco Weekly. We are
launching our Global Tobacco Weekly today and hope you find it useful.
Features include: 1) Sector View & Outlook; 2) Global Tobacco stock
Valuations and Performance; 3) Upcoming Catalysts; 4) Key Sector news;
5) a compendium of the prior week’s J.P. Morgan Global Tobacco research.
If you have an idea for something to be included (or deleted), or feedback,
please let us know, and we will consider it.
• The Beauty of Pricing Power. Price increases in UK and Spain last week,
combined with the similar actions at end 2008 in the US and Russia, confirm
Tobacco’s status as one of the few sectors to maintain pricing power in the
current economic uncertainty. In our view, this ability is likely to be
exercised (judiciously) throughout the year in both Mature and Emerging
markets and supports our positive sector view.
• US Uncertainty Decline Driving Re-rating. Passage by the House of $0.61
FET (as expected) is reducing investor concerns and beginning to close the
valuation discount between US and International Tobacco names (currently
20% on 2009E P/E). Our preferred US market stock remains MO.
• Tobacco Outlook. Key drivers for sector remain FX (+ve for
BAT/IMT/SWMA, -ve for JT/PMI), reliable constant FX sector earning
growth outlook relative to global uncertainty; lessening of US uncertainty
around FET; uncertainty about future scope for Japanese corporates to
restructure and further privatistation post "benevolent capitalism” comments.
• Announcing Annual J.P. Morgan Global Tobacco Conference on 26
June 2009. We are delighted we will again host our Global Tobacco
Conference on 26 June at the Mandarin Oriental hotel in London.

Table of Contents
Weekly News Summary ...........................................................3
Global Tobacco Valuation .......................................................6
Share Price Performance.........................................................6
Tobacco Calendar ....................................................................7
Latest Published Research......................................................8
Altria Group: Best Positioned for Headwinds; UST Deal Neutral (19 Jan 2009) .....9
ITC Limited: Maintain positive stance (19 Jan 2009)..............................................21
KT&G Corp: Q408 Preview (14 Jan 2009) .............................................................30
British American Tobacco: Upgrading on FX; Underlying Momentum Continues
(6 Jan 2009) ...............................................................................................................36
Global Tobacco : Factoring in the Pain; D/G US Tobacco Est. but Cash Return
Compelling. U/G Altria to OW; D/G LO to N (15 Dec 2008)...................................47

289014.pdf (2 MB, 需要: 500 个论坛币)

2009-1-28 00:58:00 上传

摩根大通：全球烟草行业研究报告2009年1月
需要: 500 个论坛币  [购买]

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：行业研究报告 研究报告 烟草行业 摩根大通 行业研究 研究报告 行业 全球 摩根大通 烟草