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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 Steady income from a number of overseas flagship brands Increased revenue diversity Strong ability to generate profits and cash flow Low risk of potential lawsuits Uncertainty over mid- to long-term profitability Uncertainty over emerging markets Japan Tobacco Inc. (JT) continues to dominate the Japanese tobacco market. It had a domestic market share of 64.9% in the first quarter of fiscal 2007, marginally higher than 64.5% in the fourth quarter of fiscal 2006 (ended March 31, 2007). While a rise in the tax on tobacco led sales to fall across the domestic industry in fiscal 2006, JT increased its consolidated operating income by 11.5% year-on-year due to rising unit prices and cost-cutting efforts. As a...
Companies mentioned in this report are: Japan Tobacco Inc.,Gallaher Group PLC,Gallaher Ltd.
Action: Review
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