Core Viewpoint - Smoore International (06969) has seen a decline of over 4%, currently trading at HKD 11.81, with a transaction volume of HKD 64.45 million. This drop is influenced by the performance guidance from its major client, British American Tobacco (BTI.US), which indicates challenges in the U.S. e-cigarette market due to regulatory pressures and intense competition [1] Group 1: Company Performance - British American Tobacco has revised its 2026 performance guidance, projecting revenue growth at the lower end of its mid-term target range of 3%-5% due to regulatory pressures in the U.S. e-cigarette market [1] - The adjusted operating profit growth for British American Tobacco is expected to be between 4%-6% for the same period [1] Group 2: Regulatory Environment - A new tax policy in the UK will come into effect, imposing an additional tax of 22 pence per milliliter on e-liquids starting October 1, 2026, which will be added on top of the existing 20% value-added tax [1] - Tianfeng Securities indicates that the upcoming UK e-cigarette tax may create new opportunities for 2ml cartridge systems and nicotine pouches [1]

Core Viewpoint - Smoore International (06969) has seen a decline of over 4%, currently trading at HKD 11.81, with a transaction volume of HKD 64.45 million. This drop is influenced by the performance guidance from its major client, British American Tobacco (BTI.US), which anticipates its 2026 earnings to be at the lower end of its mid-term targets due to regulatory pressures and intense competition in the U.S. e-cigarette market [1][1][1]. Group 1 - British American Tobacco expects its 2026 revenue growth to be between 3%-5%, aligning with the lower end of its mid-term target range, while adjusted operating profit growth is projected at 4%-6% [1][1]. - A new tax policy in the UK will impose an additional tax of 22 pence per milliliter on e-liquids starting October 1, 2026, which will be added on top of the existing 20% value-added tax [1][1]. - Tianfeng Securities indicates that the upcoming UK e-cigarette tax may create new opportunities for 2ml cartridge systems and nicotine pouches [1][1].

Core Insights - British American Tobacco (BTI) is a leading global tobacco company expanding its portfolio to include innovative products beyond traditional tobacco, aiming to capture a larger market share and adapt to changing consumer preferences [1][3] Financial Performance - On December 10, 2025, Morgan Stanley adjusted BTI's grade to "Underweight" while maintaining a "hold" action, with the stock price at $58.68, but raised the price target from 3,000 GBp to 3,050 GBp, indicating a cautious yet optimistic outlook [2][6] - BTI's current stock price is $58.65, reflecting a 2.37% increase or $1.36, with fluctuations between a low of $57.82 and a high of $58.715 on the same day [4] - Over the past year, BTI's stock reached a high of $59.29 and a low of $34.82, showcasing its market volatility [4] Market Position - BTI has a substantial market capitalization of approximately $128.7 billion, indicating a strong presence in the industry [5][6] - Today's trading volume for BTI stands at 1,973,242 shares, reflecting active investor interest [5]

European Union officials have held multiple, undisclosed meetings with the tobacco industry, which uses political connections to try to influence policy in the bloc and beyond, a report by campaign gr... ...

据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 ...

思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 来源：智通财经网 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 ...

Core Points - The conference call is led by Victoria Buxton, Group Head of Investor Relations, along with Tadeu Marroco, Chief Executive, and Javed Iqbal, Interim Chief Financial Officer [1] - The focus of the discussion will be on constant currency adjusted measures, particularly related to the Canadian Combustibles business [2] - There will be an opportunity for questions later in the call [3]

Core Viewpoint - British American Tobacco (BTI.US) has provided a cautious earnings outlook for 2026, primarily due to regulatory pressures and intense competition in the U.S. e-cigarette market, which offsets strong growth in other areas of its business [1][2] Group 1: Earnings Guidance - The company expects its 2026 revenue growth to be at the lower end of its mid-term target range of 3%-5%, with adjusted operating profit growth anticipated at 4%-6% [2] - For 2025, the company forecasts revenue and adjusted operating profit growth of approximately 2% [2][3] - The stock buyback plan has been increased from £1.1 billion to £1.3 billion (approximately $1.7 billion) [1] Group 2: Market Challenges - The U.S. e-cigarette market, valued at $22 billion, is facing significant challenges from a surge of non-compliant products, impacting profitability [1] - The CEO noted that about 70% of the U.S. e-cigarette market remains unregulated, creating uncertainty about when it will become a growth driver [1] - Additional pressures include stricter tobacco regulations in Australia and ongoing investments in emerging product categories, which may suppress profit growth [2] Group 3: Analyst Insights - Analysts have pointed out that the recent earnings guidance may not align with market expectations, despite the stock's strong performance, which has seen a 50% increase year-to-date [2] - The company has provided conservative growth guidance for the fourth consecutive year, leading some analysts to find competitors like Imperial Brands (IMBBY.US) more attractive in terms of valuation and growth potential [2]

British American Tobacco is seeing early benefits from a US crackdown on illicit vaping products https://t.co/yPruKnvfey ...

Summary of British American Tobacco (NYSE:BTI) Conference Call - December 09, 2025 Company Overview - **Company**: British American Tobacco (BAT) - **Date**: December 09, 2025 - **Key Speakers**: Victoria Buxton (Group Head of Investor Relations), Tadeu Marocco (Chief Executive), Javed Iqbal (Interim Chief Financial Officer) Key Industry Insights - **Industry**: Global nicotine industry, particularly focusing on combustibles, modern oral products, and vapor categories - **Market Dynamics**: The industry is experiencing a transformation with adult smokers increasingly switching to new categories, particularly modern oral products and vapor Core Points and Arguments 1. **Revenue and Profit Growth**: BAT expects around 2% revenue and adjusted operating profit growth for the full year 2025, with positive momentum in the U.S. business driven by combustibles and VLO Plus performance [2][3] 2. **New Category Growth**: Anticipated acceleration in new category revenue growth to double digits in the second half of 2025, with mid-single-digit growth expected for the full year [2][3] 3. **Modern Oral Products**: Modern Oral is the fastest-growing category, with VLO gaining volume share up 590 basis points to 31.8% in key markets. The category is positioned as a lower-risk alternative to traditional cigarettes [4][5] 4. **FDA Support**: The FDA is recognized for its role in tobacco harm reduction, with a commitment to provide science-based information about nicotine products, which is expected to facilitate consumer transitions to reduced harm products [5][6] 5. **Velo Plus Performance**: Velo Plus has achieved significant growth, reaching a 21.9% volume share in October, up from 6.9% prior to its launch, and is driving triple-digit revenue growth in the U.S. [6][7] 6. **Heated Products**: The heated products segment is undergoing a transitional phase, with a new product, glo Halo, launched in Japan, aimed at capturing the premium segment [9][10] 7. **Vapor Category Recovery**: Vuse has regained volume and revenue growth in the U.S. after 18 months of decline, with a 50.4% value share, supported by increased federal enforcement against illicit products [11][12] 8. **Combustibles Performance**: The U.S. combustibles business is expected to deliver revenue and profit growth for the first time since 2022, with a decline in industry volume improving compared to previous years [15][16] 9. **Regulatory Challenges**: Significant regulatory headwinds in markets like Bangladesh and Australia are expected to impact overall revenue growth, with illicit trade accounting for over 85% of nicotine usage in these regions [16][17] 10. **Financial Discipline**: BAT maintains a strong cash generation profile, with operating cash conversion expected to exceed 95% in 2025 and a commitment to deleveraging [17][18] Additional Important Insights - **Market Exit Strategy**: BAT plans to exit underperforming markets like Mozambique and Cuba, which will impact organic growth figures [28][37] - **Investment in Innovation**: Continued investment in premium products and innovation is prioritized, with a focus on maintaining competitive advantages in the market [30][31] - **Future Guidance**: For 2026, BAT expects to achieve revenue growth at the lower end of its mid-term algorithm, with a focus on sustainable financial delivery and transformation [19][35] Conclusion - BAT is optimistic about its growth trajectory, particularly in the U.S. market, and is committed to delivering sustainable shareholder value through dividends and share buybacks while navigating regulatory challenges and market dynamics [18][47]