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Update: Japan Tobacco's Fiscal Year 2014 Results

Last October I wrote about Japan Tobacco (JAPAY) in an article that formed part of my 'Reading the Smoke Signals' series on international tobacco. In that article I made the case that Japan Tobacco had performed very well over a longer term period in the international tobacco markets, as well as successfully defended its leading market share in its domestic market. The company has shown itself to be a skillful developer of the international brand portfolio acquired in the Reynolds International and Gallaher acquisitions and has built up attractive market share positions in some of the world's largest cigarette markets. However, the company also has some major disadvantages such as the large share interest of the Japanese government, its reliance on declining cigarette markets such as Russia and Japan and the underperforming non-core activities in pharmaceuticals, food and beverages. On top of that I thought its ambitions of making Winston… Read More …