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Tobacco industry cut to 'underweight' Posted: 21 Oct 2012 07:02 PM PDT Affin Investment Research cut its rating on Malaysia's tobacco industry to "underweight" from "neutral" after the government unexpectedly hiked the price of cigarettes by 20 sen per pack, effective from Oct. 22. "The tax hike has come as a negative surprise as we had earlier expected the tobacco tax hike would only resume in Budget 2014, post the 13th General Election," Affin said in a note on Monday. "A hike would definitely bring a negative impact on total industry volume growth as a higher pricing structure invariably leads to a surge in illicit trades, and thus exerts downward pressure on industry volumes," Affin added. The research house lowered ratings on JT International Bhd to "reduce" from "add" and cut its target price to RM6.95 per share from RM8.00. Affin also downgraded its target price on British American Tobacco Malaysia Bhd to RM56.00 per share from RM56.13. -- Reuters

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