【出版时间及名称】：2010年4月印度烟草行业研究报告
        【作者】：IndiaBulls 证券
        【文件格式】：pdf
        【页数】：40
        【目录或简介】：
Table of contents
FY11 sees steep excise hike ................................................................................................ 4
Rules of the game changing too fast .............................................................................. 4
Expect industry volume to decline by 3.5% in FY11....................................................... 5
Cigarettes Affordability Model ............................................................................................. 6
59mm is not a game changer ............................................................................................... 7
Learning from the past .................................................................................................... 8
Portfolio mapping ............................................................................................................ 8
59mm – Volumes have to be 30% higher to match 69mm absolute margins ................ 8
Competitive aggression ....................................................................................................... 9
What can be next? ........................................................................................................ 10
Further legislation tightening ............................................................................................ 11
Summing up ........................................................................................................................ 12
Overall, we believe that cigarettes industry volume will continue to face pressure: ..... 12
Key things to watch out for:........................................................................................... 12
Companies
ITC ........................................................................................................................................ 15
Godfrey Phillips India ......................................................................................................... 27
VST Industries ..................................................................................................................... 33

Table of contents
FY11 sees steep excise hike ................................................................................................ 4
Rules of the game changing too fast .............................................................................. 4
Expect industry volume to decline by 3.5% in FY11....................................................... 5
Cigarettes Affordability Model ............................................................................................. 6
59mm is not a game changer ............................................................................................... 7
Learning from the past .................................................................................................... 8
Portfolio mapping ............................................................................................................ 8
59mm – Volumes have to be 30% higher to match 69mm absolute margins ................ 8
Competitive aggression ....................................................................................................... 9
What can be next? ........................................................................................................ 10
Further legislation tightening ............................................................................................ 11
Summing up ........................................................................................................................ 12
Overall, we believe that cigarettes industry volume will continue to face pressure: ..... 12
Key things to watch out for:........................................................................................... 12
Companies
ITC ........................................................................................................................................ 15
Godfrey Phillips India ......................................................................................................... 27
VST Industries ..................................................................................................................... 33