Core Insights - The individual has a background in Business Administration and has completed CFA level 1, indicating a solid foundation in finance and investment analysis [1] - The investment approach focuses on fundamental analysis rather than technical analysis, emphasizing the evaluation of actual company performance [1] - The investment strategy is long-term oriented, with a preference for US companies, while also analyzing European and Chinese firms [1] Investment Philosophy - The individual prefers investing in stocks and ETFs, showcasing a diversified investment strategy [1] - A contrarian view is often taken, suggesting a willingness to go against prevailing market trends [1] - The articles written are intended for entertainment and to foster engagement with the investment community [1]

Core Insights - The article discusses the potential upside for British American Tobacco p.l.c. (BTI) due to its new product categories [1] Group 1: Company Overview - British American Tobacco is exploring new categories that may lead to increased growth opportunities [1] Group 2: Analyst Background - The analyst has a PhD in financial economics and has been covering various markets including mortgage, commercial, and banking sectors for the past decade [2] Group 3: Investment Position - The analyst holds a beneficial long position in BTI shares through stock ownership or derivatives [3]

Core Viewpoint - The article does not provide any specific information or insights regarding a company or industry, focusing instead on a newsletter sign-up confirmation [1] Summary by Categories - Company Information: No relevant company information is provided in the article [1] - Industry Insights: No industry insights are available in the article [1]

Group 1 - Philipp is a seasoned value investor with nearly 20 years of experience, focusing on global investment opportunities and seeking undervalued companies with significant margins of safety [1] - The investment strategy emphasizes companies with solid earnings track records trading at less than 8x free cash flow, which is a key criterion for identifying potential investments [1] - Philipp does not limit investments to specific sectors or countries but focuses on companies that are well understood and assessed for future growth potential [1]

Group 1 - International dividend stocks have shown strong performance in 2025, benefiting from a global bull market that is nearing three years in duration [1] - The rally has broadened, indicating a wider participation across various sectors and asset classes [1] - A weaker dollar since December has contributed positively to the performance of international dividend stocks [1]

Core Insights - The article emphasizes the importance of bottom-up research in identifying investment opportunities, particularly in smaller, under-covered companies where mis-pricing may occur [1]. Group 1 - The contributor has over 5 years of experience in financial markets and 2 years in primary investment research, focusing on generalist research [1]. - There is a specific interest in smaller companies due to the potential for asymmetric opportunities, where the downside risk is limited [1].

Group 1 - The focus is on growth and dividend income as a strategy for retirement planning [1] - The portfolio is structured to generate monthly dividend income that grows through reinvestment and annual increases [1] Group 2 - The article expresses personal opinions and is not intended as investment advice [2] - It emphasizes the importance of conducting individual research before making investment decisions [2]

Group 1 - British American Tobacco p.l.c. (NYSE:BTI) is recognized as one of the best high dividend stocks to buy under $100, highlighting its attractiveness to income-focused investors [1] - The company has a significant presence in the tobacco industry, bolstered by its $49 billion acquisition of Reynolds American in 2017, and offers a diverse portfolio of brands including Camel, Newport, and Vuse [2][4] - Despite efforts to transition towards next-generation products, traditional cigarettes remain the primary revenue source, with a target of generating around £5 billion (nearly $6 billion) in next-gen sales by 2025, which may be impacted by recent US regulations [3] Group 2 - British American Tobacco has consistently increased its dividend payouts since 2018, currently offering a quarterly dividend of $0.7391 per share, resulting in a dividend yield of 5.61% as of September 18 [5] - The company's global reach distinguishes it from competitors, providing broad exposure across various tobacco products, including heated tobacco and vaporizers, making it a compelling option for dividend investors [4]

Group 1 - The core viewpoint of the articles highlights that UK companies are increasing their foreign exchange market hedging due to the significant appreciation of the pound and the weakening of the dollar, which has negatively impacted their profits [1][4] - According to a survey by MillTech, over half of UK companies reported that their earnings were adversely affected by foreign exchange fluctuations in the second quarter of this year, with their currency hedging ratio rising to approximately 53%, an increase of 7 percentage points year-on-year [1][4] - The pound has appreciated nearly 10% against the dollar in the first half of 2025, marking the largest increase for that period since 2009, which has pressured local exporters' profits and sales, particularly in the US market [1] Group 2 - The survey conducted by MillTech involved 250 UK and US companies, revealing that 18% of UK firms consider the Bank of England's monetary policy as the most significant factor affecting their currency hedging strategies, up from less than 10% a year ago [5] - British American Tobacco PLC, one of the largest exporters in the UK, expects a negative impact of 1% to 1.5% on its revenue this year due to foreign exchange headwinds, with the weakening dollar contributing approximately 50% to this adverse effect [4] - Unilever PLC reported a 5.1% negative impact from currency fluctuations, primarily due to the euro's strength against the dollar, complicating the situation for UK companies [4]

Investment Rating - Industry rating is maintained as "Outperform the Market" [6] Core Viewpoints - The global oral tobacco market is experiencing rapid growth, with a projected market size of USD 11.232 billion in 2024, reflecting a year-on-year increase of 57.57%, and expected to reach USD 25.148 billion by 2028, with a CAGR of 22.32% from 2024 to 2028 [1] - The North American market is expected to reach USD 8.775 billion in 2024, with a year-on-year growth of 58.30%, and projected to grow to USD 19.449 billion by 2028, with a CAGR of 22.01% [1] - The European market is projected to reach USD 2.415 billion in 2024, with a year-on-year increase of 56.12%, and expected to grow to USD 5.608 billion by 2028, with a CAGR of 23.45% [1] - The top three companies in the oral tobacco retail market in 2024 are Philip Morris International, British American Tobacco, and Altria Group, holding market shares of 41.1%, 24.6%, and 13.8% respectively, totaling 79.5% of the market [1] Summary by Sections Market Growth - The oral tobacco market is expected to see significant growth in both established and emerging markets, with North America and Europe leading in growth rates [1] - Emerging markets in Asia and Africa are in the early stages but are anticipated to realize their market potential rapidly as the oral tobacco market develops [1] Company Performance - Philip Morris International's ZYN nicotine pouch sales are projected to reach 644 million boxes in 2024, a year-on-year increase of 52.93%, with U.S. sales at 581 million boxes, up 51.49% [2] - British American Tobacco's oral tobacco sales are expected to reach 8.3 billion pouches in 2024, with U.S. sales significantly increasing by 234% [2] Regulatory Developments - The FDA has authorized the sale of 20 ZYN nicotine pouch products, which are expected to catalyze market growth due to their lower harmful component levels compared to traditional tobacco products [3] - The approval of flavored products by the FDA is anticipated to further enhance market growth and expand the overall market potential [3] Industry Supply Chain - Jincheng Pharmaceutical is positioned as a key supplier in the nicotine market, with an increase in production capacity to 200 tons per year, which is expected to positively impact sales and market positioning [4] - The report suggests focusing on companies within the oral tobacco supply chain, including Jincheng Pharmaceutical and others in the vaping and tobacco supply sectors [4]