In today’s briefing:
- Japan Tobacco High Conviction Update: Guidance Has Upside Potential, The Market Is Pass Russia Fears
Japan Tobacco High Conviction Update: Guidance Has Upside Potential, The Market Is Pass Russia Fears
- Just eight months into Russia’s Ukraine invasion, Japan Tobacco (2914 JP)’s share price has moved back above the pre-Ukraine invasion level suggesting that investors are over with Russia exposure fears.
- Based on the company’s guidance upgrade trend historically and YTD financial performance, we are expecting around ¥70bn upside to 2022 OP guidance in 3Q22.
- With earnings back on a growth trajectory, we are expecting a reversal of the 2017-21 share price to earnings trend to take Japan Tobacco shares over ¥3,500 in the short-term.
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