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Japan Tobacco Inc.
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
A dominant position in Japan's tobacco market and the expectation of a continuing strong revenue base over the next few years. A strong overseas tobacco business, with a focus on flagship brands. Strong and stable cash flow generation, although the company's profitability is weaker than that of its overseas competitors. An improving debt-to-capital ratio, attributable to progress in debt repayment. Decline in population of smokers. Noncore operations yet to contribute profits. Japan Tobacco Inc. is the sole producer of tobacco products in Japan, controlling about 73% of the domestic market. The Japanese tobacco market has been slowly shrinking since the late 1990s, reflecting a decline in tobacco consumption caused by the economic downturn and an aging population. Growing health consciousness...
Companies mentioned in this report are: Japan Tobacco Inc.,JT Capital (U.K.) PLC
Action: Review
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