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Alliance IB Research upgrades BAT to Neutral, raises target price

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Alliance IB Research upgrades BAT to Neutral, raises target price Empty Alliance IB Research upgrades BAT to Neutral, raises target price

Post by Cals Fri 11 Oct 2013, 08:33

Alliance IB Research upgrades BAT to Neutral, raises target price
Business & Markets 2013
Written by theedgemalaysia.com   
Friday, 11 October 2013 08:03
KUALA LUMPUR (Oct 11): Alliance IB Research has upgraded BRITISH AMERICAN TOBACCO (M) [] Bhd (BAT) to a Neutral at RM64.20 with a higher target price of RM60.66 (from RM54.72) and said that following clarification by BAT’s management, the RM1.50 price hike per pack of cigarette was significantly higher than the excise duty hike which will more than offset any consequential loss of legitimate trade volume.
In a note Oct 10, the research house concluded that as such, the cigarette price hike would have a mildly positive impact on BAT’s bottomline.
“Thus, we raise our earnings forecast by 3.1%-8.3% for FY13-FY15, respectively, which prompted us to upgrade our recommendation on BAT from sell to Neutral.
“Correspondingly, we also raise our target price from RM54.72 to RM60.66, based on FCFF valuation method,” it said.
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