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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
Dominant position in Japan's tobacco market Steady income from a number of overseas flagship brands, including Camel and Winston Strong ability to generate profits and cash flow Ample liquidity at hand and no net debt Continuing decline in smoking population in developed countries Noncore businesses not profit contributors Japan Tobacco Inc.'s (JT) domestic market share for fiscal 2005 (ended March 31, 2006) declined to 66.4% from 72.9% a year earlier, following the expiration in April 2005 of JT's license for domestic manufacturing and sale of global bestseller Marlboro. However, the company's pre-tax sales for its entire tobacco business increased by 1.5% year-on-year, backed by growth of its overseas business. Its EBITDA also rose by 10%, due to an increase in...
Companies mentioned in this report are: Japan Tobacco Inc.,JT Capital (U.K.) PLC
Japan Tobacco Inc.,JT Capital (U.K.) PLC