HwangDBS trims BAT target price

HwangDBS trims BAT target price

HwangDBS Vickers Research lowered it target price on cigarette maker British American Tobacco Malaysia Bhd (BAT) to RM60 per share from RM62.60, following a government’s decision to hike cigarette prices.

While competitors JT International Bhd and…

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HwangDBS Vickers Research lowered it target price on cigarette maker British American Tobacco Malaysia Bhd (BAT) to RM60 per share from RM62.60, following a government’s decision to hike cigarette prices.

While competitors JT International Bhd and Philip Morris held their prices steady, BAT hiked its cigarette prices by 20 sen, the research house said on Wednesday.

HwangDBS kept its ‘hold’ call on BAT but cut its earnings forecast for 2013 to 2014 between 3.9 and 4.1 per cent, citing a lower volume for its brands.

BAT’s shares rose 0.06 per cent against the Malaysian benchmark stock index’s 0.21 per cent rise. – Bernama

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