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雷达卡
Table of Contents
Executive Summary .................................................................3
Pricing Offsets FX Margin Compression................................5
Ready to Withstand Inflation ...................................................7
Revisiting Pricing Sustainability...........................................11
Evidence of Pricing Power ....................................................18
Tobacco Valuation at Multi-Year Lows.................................21
Rotation Driven De-rating Complete.....................................27
Company Analyses ................................................................31
Altria Group ............................................................................32
British American Tobacco .....................................................38
BAT Malaysia ..........................................................................44
Imperial Tobacco....................................................................48
ITC............................................................................................54
Japan Tobacco .......................................................................58
KT&G Corp..............................................................................65
Lorillard ...................................................................................69
Philip Morris International .....................................................73
Reynolds American................................................................78
Souza Cruz..............................................................................83
Swedish Match .......................................................................87
Valuation Methodology and Risks ........................................92
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