永豐金證券亞洲研究部晨訊 2026/2/23 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 2 1 永豐金證券亞洲研究部晨訊 今日市埸主要焦點 股市及產品投資策略 永豐金證券亞洲研究部 -今日市埸焦點及策略 • 美關稅措施｜美國最高法院推翻總統特朗普的全面關稅措施後，特朗普引 用另一條貿易法向全球額外加徵一成關稅，周二起生效，為期150天，稅 率由10%調高至15% • 《財政預算案》｜新一份《財政預算案》周三發表 • 重新定價減息步伐｜全球關稅對美國消費者及企業加「隱形消費稅」，短 線推高進口商品價格，通脹壓力有機會回升，市場會重新定價減息步伐 • 馬年投資策略｜馬年講求「動能」與「節奏」，投資策略上宜攻守兼備 • 資產配置上｜聚焦受政策支持及科技創新的板塊，例如人工智能、綠色能源、先 進製造及高端消費，利用階段性調整作逢低吸納，爭取「順勢狂奔」的收益機會 • 「火 ...

Core Insights - Universal Corp. has emerged as a top decile stock in the U.S. by value ranking, highlighting its attractiveness as a well-priced investment opportunity [1] Value Ranking - The value score of Universal Corp. is reported at 89.96, placing it among the elite value stocks, which may attract value-driven investors [2] Performance Metrics - Universal Corp. has a growth reading of 85.99, indicating strong growth potential, but it faces challenges with momentum and quality scores at 28.24 and 22.03, respectively [3] Market Trends - Technical trends for Universal Corp. remain negative across all timeframes, reflecting ongoing price weakness in the tobacco sector [4] Strategic Positioning - Universal Corp. serves as a key supplier to major global tobacco companies, including Philip Morris and British American Tobacco, positioning it within a robust multi-billion-dollar value chain [5] Valuation Insights - Forensic valuation models suggest that Universal Corp. is significantly undervalued, with its intrinsic worth estimated to be above the current share price, indicating potential upside [5]

Market Overview - Major U.S. indices reached new record highs despite ongoing political gridlock in Washington, with the S&P 500 climbing 0.6% to 6,750, the Dow Jones increasing 1.1% past 47,000, and the Russell 2000 rising 1.4% to 2,493 [1][3] - The Nasdaq 100 gained 0.2%, reaching 24,940, although it lagged behind other indices [3] Economic Indicators - The absence of September jobs data due to the government shutdown did not deter traders, who are betting on a 97% chance of a 25-basis-point Fed rate cut later this month, potentially lowering rates to 3.75%–4% [2] - Investors are relying on private indicators that suggest a cooling labor market, as official data remains unavailable [2] Sector Performance - Ten out of eleven sectors advanced, with consumer discretionary being the only decliner, impacted by a 2% drop in Tesla Inc. [3] - Precious metals saw a resurgence, with gold rising 0.7% to $3,890 per ounce, silver jumping 2.5% to $48, and copper gaining over 3% to exceed $5 per pound [3] Cryptocurrency Movement - Bitcoin surged over 3% to $124,000, nearing its August record high of $124,500 [4] Top Gainers in S&P 500 - Humana Inc. (NYSE:HUM) led the gains with an increase of 8.95%, followed by The Cigna Group (NYSE:CI) at 5.86%, and Zebra Technologies Corporation (NASDAQ:ZBRA) at 4.95% [6] Top Losers in S&P 500 - Las Vegas Sands Corp. (NYSE:LVS) experienced the largest decline at -6.49%, followed by Palantir Technologies Inc. (NYSE:PLTR) at -5.07% [9]

Core Insights - Investing in "sin stocks," which include companies in alcohol, tobacco, and gambling, has historically provided attractive returns despite ethical concerns due to strong cash flows and loyal customer bases [1][7] Industry Overview - Sin stocks tend to perform well in both economic booms and downturns, benefiting from stable demand, strong pricing power, and consistent dividend payouts [2] - The U.S. alcoholic beverages market is projected to grow from $543.13 billion in 2024 to $806.44 billion by 2033, with a CAGR of 4.99% [4] - The global tobacco market is expected to grow from $899.9 billion in 2024 to $1,157.8 billion by 2032, achieving a CAGR of 3.2% from 2025 to 2032 [5] - The North America online gambling market was valued at $16.56 billion in 2024 and is projected to expand at a CAGR of 12.2% from 2025 to 2030 [6] Company Highlights - Altria Group (MO) dominates the tobacco industry with strong dividends due to its market presence and pricing strategy [3] - Las Vegas Sands (LVS) is positioned as a leader in the gambling sector, benefiting from the acceleration of sports betting legalization and online gaming expansion [3] - Molson Coors Beverage Company (TAP) is transforming its business to align with evolving consumer preferences, focusing on premiumization and innovation [9][10] - Wynn Resorts (WYNN) is enhancing its luxury hospitality offerings and expanding into high-growth markets, including a significant project in the UAE [12][13] - Philip Morris International Inc. (PM) is leading the industry toward a smoke-free future by expanding its smoke-free product portfolio and maintaining strong financial performance [15][16]

Core Viewpoint - Altria Group, Inc. has shown strong performance in the tobacco industry, rising 5.1% over the past month, significantly outperforming the Zacks Tobacco industry's growth of 0.9% and the broader market declines [1][2][20] Stock Performance - Altria's stock closed at $57.65, only 3.4% below its 52-week high of $59.67, and reflects a 41.8% premium over its 52-week low of $40.65 [5] - The stock is trading above both its 50-day and 200-day moving averages, indicating bullish market sentiment [5][6] Competitive Position - Altria has outperformed key competitors such as Philip Morris International, which declined by 2.1%, and Turning Point Brands, which dropped by 14.4% [2] - British American Tobacco matched Altria's performance with a 5.1% gain over the same period [2] Strategic Initiatives - Altria is focusing on a smoke-free future, emphasizing harm reduction and innovative alternatives for adult smokers [10] - The NJOY brand has expanded its distribution to over 100,000 stores, achieving a 15% increase in consumable shipments, totaling 12.8 million units in the fourth quarter [11] - The on! brand, a tobacco-derived nicotine pouch, saw a 44% year-over-year growth in shipment volume, reaching nearly 44 million cans [12] - The "Optimize and Accelerate" initiative aims to modernize operations and achieve cost savings while maintaining pricing strength [13] Valuation - Altria is trading at a forward 12-month P/E of 10.74X, below the industry average of 13.80X, suggesting potential for upside as the company executes its growth strategy [14] Market Challenges - The e-vapor market is facing challenges from illicit flavored disposable products, which account for over 60% of the category, complicating Altria's efforts in the compliant e-vapor segment [17] - Domestic cigarette shipment volumes declined by 8.8% in the fourth quarter, reflecting broader industry challenges and retail share losses [18][19] Investment Outlook - Despite challenges, Altria's solid fundamentals and growth in the e-vapor market position the company for long-term success [20] - The stock appears undervalued compared to peers, presenting an attractive opportunity for long-term investors [21]

As filed with the Securities and Exchange Commission on May 29, 2024 Registration No. 333-279045 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No.3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 KAIVAL BRANDS INNOVATIONS GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 5960 83-3492907 (State or other jurisdiction incorporation or of (Primary Standard Industrial (I.R.S. Employer organization) Classification Code Number) Ident ...

As filed with the Securities and Exchange Commission on May 1, 2024 Registration No. [*] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 KAIVAL BRANDS INNOVATIONS GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 5960 83-3492907 (State or other jurisdiction incorporation or of (Primary Standard Industrial (I.R.S. Employer organization) Classification Code Number) Identification Number) 4460 Old ...

As filed with the U.S. Securities and Exchange Commission on January 12, 2024 Registration No. 333-275653 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 (Amendment No. 2) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Kaival Brands Innovations Group, Inc. (Exact name of registrant as specified in its charter) (State or jurisdiction of incorporation or organization) Delaware 5960 83-3492907 (Primary Standard Industrial Classification Code Number) (IRS Employer Ident ...

As filed with the U.S. Securities and Exchange Commission on December 12, 2023 Registration No. 333-275653 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 (Amendment No. 1) REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Kaival Brands Innovations Group, Inc. (Exact name of registrant as specified in its charter) (State or jurisdiction of incorporation or organization) (Primary Standard Industrial Delaware 5960 83-3492907 (IRS Employer Identification No.) 4460 Old Dix ...

FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Kaival Brands Innovations Group, Inc. (Exact name of registrant as specified in its charter) (State or jurisdiction of incorporation or organization) Delaware 5960 83-3492907 (Primary Standard Industrial Classification Code Number) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 As filed with the U.S. Securities and Exchange Commission on November 17, 2023 Registration No. 333-________ (IRS Employer Identification No.) ...