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You are here : IndiaNotes >> Research & Analysis >> Companies >> ITC Ltd. >> Research

ITC: Women consumers a new potential target, maintain buy

Edelweiss | 17 Aug, 2012  | Follow Author | Add to my Favourites 


- Women consumers a new potential target:
As per data from the GATS, published by ‘The Lancet’, tobacco usage among women is on the rise, doubling from 10% to 20%. With just 3% of women tobacco users smoking cigarettes daily, this provides a high potential for new cigarette consumers. An average Indian woman takes up smoking at an age of 17.5 years against 18.8 years for men.

- Premiumisation to aid cigarette consumption: India’s per capita consumption of cigs is 1/15th of that of China. Having the most smokeless tobacco users in the world, India can see a rise in consumption of cigs as duplication is high and premiumisation would aid cigarette consumption. Also, Gutkha has been banned in many states like Maharashtra, Rajasthan, HP, Kerala, MP and Bihar.

Outlook and valuations: Edelweiss remains positive on ITC due to its strong distribution network and robust growth in its diverse businesses. At CMP, the stock is trading at 27.5x and 23.8x FY13E and FY14E, respectively. Maintain buy

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322.65 -3.75
328.50 +11.00
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About Edelweiss

Edelweiss is one of the leading financial services company based in Mumbai, India. Its current businesses include investment banking, securities broking and investment management. They provide a wide range of services to corporations, institutional investors and high net-worth individuals.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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