[%epnC%] 
Research by HLIB
CEASED – TP RM N.A

" Numbers in line”

BAT's 2Q24 core PAT of RM35.6m (+10.3% QoQ, -27.1% YoY) brought its 1H24 sum to RM67.8m, which came in within our expectation but below consensus forecast. We believe the shrinking combustible tobacco market in Malaysia, driven by the growing prevalence of e-cigarette products and declining smoking rates, is set to persist and weigh on BAT's sales outlook. Due to a lack of institutional investor interest and the reallocation of our internal resources, we cease coverage on BAT. Our previous forecasts, call, and target price should no longer be used as a reference going forward. 

Analyst:
Sam Jun Kit
[%WWyd%]

$KLSE-BAT 
Research by HLIB
CEASED – TP RM N.A

" Numbers in line”

BAT's 2Q24 core PAT of RM35.6m (+10.3% QoQ, -27.1% YoY) brought its 1H24 sum to RM67.8m, which came in within our expectation but below consensus forecast. We believe the shrinking combustible tobacco market in Malaysia, driven by the growing prevalence of e-cigarette products and declining smoking rates, is set to persist and weigh on BAT's sales outlook. Due to a lack of institutional investor interest and the reallocation of our internal resources, we cease coverage on BAT. Our previous forecasts, call, and target price should no longer be used as a reference going forward. 

Analyst:
Sam Jun Kit
jksam@hlib.hongleong.com.my

$BAT / 4162 (BRITISH AMERICAN TOBACCO (MALAYSIA) BERHAD)