马来西亚烟草行业研究报告2009年8月

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Contents
Investment summary................................................................................................... 3
Introduction ................................................................................................................. 4
Tobacco sector............................................................................................................ 5
Sector background ................................................................................................ 5
Competitive analysis.............................................................................................. 8
Company background............................................................................................... 10
SWOT analysis.................................................................................................... 10
1H09 review.............................................................................................................. 11
Tobacco players’ share price performance in 1H09 ............................................ 11
Outlook...................................................................................................................... 12
2H outlook – the big picture................................................................................. 12
Will consumer spending improve in 2H? ............................................................. 12
Excise duty hike in 2H? ....................................................................................... 13
Stepping up efforts to puff out smoking ............................................................... 14
Ban on small packs ............................................................................................. 15
Benefits from the implementation of Afta............................................................. 16
Brewery sector .......................................................................................................... 17
Sector background .............................................................................................. 17
Competitive analysis............................................................................................ 20
Company background............................................................................................... 22
SWOT analysis.................................................................................................... 22
1H09 review.............................................................................................................. 23
Brewers’ share price performance in 1H09 ......................................................... 23
Outlook...................................................................................................................... 25
2H outlook – the big picture................................................................................. 25
Will consumer spending improve in 2H? ............................................................. 25
Excise duty hike is main cause for concern......................................................... 25
High input costs locked in for 2H......................................................................... 26
Valuation and recommendation................................................................................. 28
Sector recommendation ...................................................................................... 29
Risks to sector recommendation ......................................................................... 30
Tobacco sector .................................................................................................... 30
Brewery sector..................................................................................................... 30
Individual companies’ recommendation............................................................... 31
British American Tobacco.................................................................................... 31
Company data ..................................................................................................... 33
Company Briefs…..................................................................................................... 37

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