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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
Dominant position in Japan's tobacco market ensures stable income Steady income from a number of overseas cigarette flagship brands popular worldwide, including Camel and Winston Strong ability to generate profits and cash flow; firm financial base with no net debt Continuing decline in smoking population Noncore businesses not contributors to profits The rating on Japan Tobacco Inc. (JT) reflects expectations that the company will continue to generate solid earnings and cash flows, despite an increasingly unfavorable operating environment. Although JT's dominance in the domestic market is gradually slipping, the company has multiple flagship cigarette brands and minimal financial risk. The company faces a number of challenges over the coming years, including a decline in the population of smokers, stricter regulations,...
Companies mentioned in this report are: Japan Tobacco Inc.
Action: Review
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