June 12, 2019 / 8:26 AM / 3 months ago

BUZZ-British American Tobacco: Falls as new products' outlook fail to light up

** British American Tobacco shares slide 3.2% to 2971.5p

** Cigarette maker says H1 new category rev growth approaching FY forecast range, which analysts say could suggest some softness

** Expects New Category rev growth to accelerate in H2 leading to FY growth around mid of 30-50% range

** That range comes well below broker Jefferies’ estimate of 79% growth in FY

** “While one could read these above points as softer than expected, expectations are already quite muted,” Liberum says

** New Categories include THP, Vapour and Modern Oral

** What is more likely to worry is Glo market share in Japan that suggests share trends have stalled completely - Jefferies

** Co says vapour product Glo share in Japan is at 5%

** Co’s corporate volume share, which represents its cigarette market share, down 10bps YTD

** With this session’s losses, stock has trimmed gains to ~20% this year (Reporting by Yadarisa Shabong in Bengaluru)

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