瑞银在一年后倒回第二名。离开伦敦，Jonathan Leinster.是一个覆盖欧洲烟草名称的团队，去年增加了1.9％，落后于广阔的市场16.2个百分点。“在2013年初，行业球员太乐观了，”莱斯特说。因此，“结果到2013年失望，该部门一直受到贬低，因为投资者已经假设这个数量下降率已成为新规范。”His group will bounce back to more moderate valuations, Leinster believes, but will face obstacles in the form of regulations likely to be issued in early 2014. These include a U.K. report on standardized packaging requirements and a possible final version of the European Union’s Tobacco Products Directive governing everything from making through selling the items. The company best positioned to perform well amid the challenges is British American Tobacco, the analyst contends. The world’s second-largest tobacco company, by sales, “remains a long-term winner with a combination of excellent geographic coverage and rapidly improving brand portfolio,” Leinster concludes. |
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