JT INTERNATIONAL HOLD. Mevius to fire up premium segment? Company report. (Maintained) Rationale for report: Company Result CIGARETTE MANUFACTURING

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1 CIGARETTE ANUFACTURING T INTERNATIONAL (RR K, TIN.KL) 9 Agst Comy rort Low oo Fg low-soo-fg@mbkgro.om vis to fir rmim sgmt? Rtiol for rort: Comy Rslt HOL (itid) Pri Fir Vl 5-wk High/Low Ky Chgs Fir vl EP R6.95 R7. R7.37/R5.64 Uhgd Uhgd Ivstmt Highlights W miti or HOL rommdtio o T Itrtiol (TI), with hgd CF-bsd fir vl of R7./shr. Itrim t rofit of R67mil m i brodly withi xttios, otig for 53% of or fll-yr forst d 5% of osss. YE to FY FYF FY3F FY4F Rv (Rmil),97.8,5.9,65.9,89.5 Cor t rofit (Rmil) EP () EP growth (%) / Cosss EP () P () PE (x) EV/EBITA (x) iv yild (%) ROE (%) Nt Grig (%) Nt sh Nt sh Nt sh Nt sh tok d Fiil t hrs Otstdig (millio) 6.5 rkt C (Rmil),87.7 Book vl (R/shr).74 P/BV (x) 4. ROE (%) 9. Nt Grig (%) Nt sh jor hrholdrs T Itrtiol (6.4%) EPF (7.8%) Fr Flot (%) 6.4 Avg ily Vl (Rmil).4 Pri rform 3mth 6mth mth Absolt (%) (.5) (.9) (4.) Rltiv (%) (5.) (9.7) (8.5) ,77,546 gmt hs roosd sigl-tir itrim dividd of s/shr, brigig totl dividds dlrd to 73s (ildig sil of 38s). Ex-dt dt hs b fixd for 7 Agst, whil th titlmt dt is o 9 Agst. TI ostd lowr t rofit for QFY, whih fll % QoQ, ttribtbl mily to:- ) 6% dli i trovr d to lowr igrtt sls volm d; ) highr A&P xss whih t ito EBITA mrgi (QoQ: -.8ts). O YoY bsis, HFY trovr d t rofit ws 5% d 3%, rstivly. Th bttr rform ws lrgly ld by mrkt shr growth of ild v (YoY: +.4t to 4.3%), whih ws rtilly gtd by wk Wisto (YoY: -.6t to 9.7%) s rslt of otid high lvl of illiit trds t 34.7% (Ot- : 34.8%) d growig thrt from illgl sl of igrtts blow th miimm ri. W xt sls momtm for Wisto to ik followig th lh of its w li of xtsios i Aril. O srt mttr, th -bsd rt omy hs vild vis th rslt of rbrdig xris drtk o o th gro s flgshi brds, ild v. W drstd th srris mov ws rimrily imd t bttr ositioig th rmim lbl i th globl r gist Phili orris Itrtiol s rlboro d British Amri Tobo s hill. Th ild v lbl is th gro s d bst sllig lbl (ftr Wisto) d hs yt to b mrktd i Ero. ) 5. (R 3.5,365,84 I d x P o i ts Whilst th w look is likly to trslt ito dditiol kgig osts for TI, th xss r xtd to b omrtivly smllr (stimtd R-3mil) vrss tht irrd drig th govrmt-mdtd imlmttio of itoril hlth wrig (PHW) bk i 9.. A F A F A F A g b g b g b g TI FB KLCI PP 47/6/ (36) F b A g F b A,4 g Howvr, w tiit highr A&P xss o th lh of vis s th gro sks to r-dt its stomr bs. vis is xtd to b lhd i by Fbrry 3, whil stggrd roll-ot worldwid is trgtd withi th xt moths. W s ottil sls volm boost d mrkt shr growth of th rmim sgmt if th A&P mig is wllxtd.

2 T Itrtiol 9 Agst X TABLE : REULT UARY Y to HFY HFY % YoY Q Q % QoQ Trovr (5.5) EBITA (.4) Itrst Exs.... Itrst Iom r & Amortistio (8.8) (8.9) (4.6) (4.4) Pr-Extiol rofit Extiols.... Assoits.... Prtx rofit (.) Txtio (.) (3.) (.9) (.) iority itrst.... Nt rofit (.) EP (s) Gross P (s) BV/hr (R) EBITA rgi (%) Prtx rgi (%) Efftiv Tx (%) or : Comy, AmRsrh stimts CHART : REBRANING OF IL EVEN TO EVIU (APAN VERION) or: Comy, Kyodo Nws, AmRsrh AmRsrh d Bhd

3 T Itrtiol 9 Agst CHART : QUATERLY ALE TREN (VOL) or: Comy, BAT, AmRsrh AmRsrh d Bhd 3

4 T Itrtiol 9 Agst CHART : PB BAN CHART CHART : PE BAN CHART ) (x 3. +s Avg 3.8 ) (x. +s Avg s s AmRsrh d Bhd 4

5 T Itrtiol 9 Agst TABLE : FINANCIAL ATA Iom ttmt (Rmil, YE 3 ) F 3F 4F Rv,5.,97.8,5.9,65.9,89.5 EBITA ritio (7.) (7.7) (.) (9.4) (8.8) Ortig iom (EBIT) Othr iom & ssoits..... Nt itrst Extiol itms..... Prtx rofit Txtio (45.) (4.5) (43.6) (45.3) (47.) ioritis/rf dividds..... Nt rofit Cor t rofit Bl ht (Rmil, YE 3 ) F 3F 4F Fixd ssts Itgibl ssts Othr log-trm ssts..... Totl o-rrt ssts Csh & qivlt tok Trd dbtors Othr rrt ssts Totl rrt ssts Trd rditors hort-trm borrowigs Othr rrt libilitis Totl rrt libilitis Log-trm borrowigs..... Othr log-trm libilitis Totl log-trm libilitis hrholdrs fds iority itrsts..... BV/shr (R) Csh Flow (Rmil, YE 3 ) F 3F 4F Prtx rofit ritio Nt hg i workig itl (5.) (.7) 3.4 (.8) (.3) Othrs (59.9) (35.6) (34.) (35.) (35.) Csh flow from ortios Citl xditr (6.) (.9) (5.5) (5.5) (5.5) Nt ivstmts & sl of fixd ssts..... Othrs Csh flow from ivstig (.7) (6.) (5.5) (5.5) (5.5) bt risd/(rid)..... Eqity risd/(rid)..... ividds id (58.8) (58.8) (75.) (96.) (.) Othrs..... Csh flow from fiig (58.8) (58.8) (75.) (96.) (.) Nt sh flow (.) Nt sh/(dbt) b/f (.) Nt sh/(dbt) /f Ky Rtios (YE 3 ) F 3F 4F Rv growth (%) 4. / EBITA growth (%) 7.8 / Prtx mrgis (%) Nt rofit mrgis (%) Itrst ovr (x) / / / / / Efftiv tx rt (%) Nt dividd yot (%) btors trovr (dys) tok trovr (dys) Crditors trovr (dys) or: Comy, AmRsrh stimts AmRsrh d Bhd 5

6 T Itrtiol 9 Agst Ahor oit for dislimr txt box Pblishd by AmRsrh d Bhd (3355-P) (A mmbr of th AmIvstmt Bk Gro) 5 t h F l oor B g A mb k Gro 55 l Rj Chl 5 Kl Lmr Tl: ( 3 ) ( r s r h) F x: ( 3 ) Pritd by AmRsrh d Bhd (3355-P) (A mmbr of th AmIvstmt Bk Gro) 5 t h F l oor B g A mb k Gro 55 l Rj Chl 5 Kl Lmr Tl: ( 3 ) ( r s r h) F x: ( 3 ) Th iformtio d oiios i this rort wr rrd by AmRsrh d Bhd. Th ivstmts disssd or rommdd i this rort my ot b sitbl for ll ivstors. This rort hs b rrd for iformtio ross oly d is ot offr to sll or soliittio to by y sritis. Th dirtors d mloys of AmRsrh d Bhd my from tim to tim hv ositio i or with th sritis mtiod hri. mbrs of th AmIvstmt Gro d thir ffilits my rovid srvis to y omy d ffilits of sh omis whos sritis r mtiod hri. Th iformtio hri ws obtid or drivd from sors tht w bliv r rlibl, bt whil ll rsobl r hs b tk to sr tht sttd fts r rt d oiios fir d rsobl, w do ot rrst tht it is rt or omlt d it shold ot b rlid o s sh. No libility b td for y loss tht my ris from th s of this rort. All oiios d stimts ildd i this rort ostitt or jdgmt s of this dt d r sbjt to hg withot oti. For AmRsrh d Bhd By Chw gig irtor AmRsrh d Bhd 6