02/19/2025, 06:59 AM UTC
英美烟草：非燃烧产品转型仍未能点燃British American Tobacco: The Non Combustible Shift Still Isn't Sparking
1、作者因非燃烧产品转型速度不及预期，将英美烟草的评级从强烈买入下调至持有；2、燃烧产品仍占英美烟草收入的80%，预计未来十年将出现显著下降；3、当前的高股息收益率面临风险，因为10年的回报率低于标普500和菲利普莫里斯、日本烟草等同行。1. The author downgrades British American Tobacco's rating from strong buy to hold due to slower-than-expected shift to non-combustible products; 2. Combustibles still account for 80% of BAT's revenue, with a significant decline in volumes expected over the next decade; 3. The current high dividend yield is at risk, as 10-year returns underperform the S&P500 and peers like Philip Morris and Japan Tobacco.---
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