Gloomy outlook. JTI is facing intensified competition in the VFM segment
from rivals who are armed with new innovative products, despite JTI's
strengthening marketing efforts. Its flattish market share is
exacerbated by a high level of illicits and declining cigarette
consumption. We maintain our Hold on JTI for the likely special dividend
payout, but with a lower DCF-based TP of RM6.20 (-10%). Net cash
accounts for RM1 of our TP.
Maybank Research 29 Feb 2012
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