Japan Tobacco Inc

2914: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	JPY 2,224.00	Mll	Htyscfkrw

Restructuring-Induced Cost Savings to Boost JT's 2022 Profits and Dividends; Lifing FVE to JPY 2800

Jeanie Chen

Feb 15, 2022

Wide-moat Japan Tobacco, or JT, beat its full-year profit guidance as expected and guides 7% growth for 2022 operating profits and dividend hikes, thanks to cost savings generated from the tobacco business restructuring. We have lifted our profit projections by 5%-10% for the explicit five-year forecast period to reflect extra savings lifted by restructuring of the Indonesia business and favorable currency movement.

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