Wednesday, July 27, 2016

Results Note � British American Tobacco (SELL, maintain)

Top Calls

Results Note British American Tobacco (SELL, maintain)

- Still hazy outlook

s 1H16 core earnings decreased by 32.6%yoy to RM309.1m, coming in below our and consensus expectations accounting for 42% and 40% of forecasts. We continue to expect a challenging business environment for cigarette players as legal volumes continue to suffer. Maintain SELL with unchanged TP of RM47.90.

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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