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4-Traders Homepage  >  Equities  >  Nyse  >  Philip Morris International    PM

PHILIP MORRIS INTERNATIONAL (PM)
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Philip Morris To Cut Virginia Slims Brand Price In South Korea

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04/13/2012 | 08:52pm CEST

--Tobacco firm to trim price of Virginia Slims Superslims by 14% in South Korea as of April 23

--Philip Morris facing pressure from KT&G, the region's dominant player

--Price cut a setback for Philip Morris, which has shown a great ability to raise prices in various markets

 
   By John Kell 
   Of  
 

Philip Morris International Inc. (>> Philip Morris International Inc.) will cut the price of Virginia Slims Superslims cigarettes in South Korea, backtracking from a price increase enacted in February as the company faces pressure from competitor KT&G Corp. (033780.SE).

The tobacco company confirmed it would cut the price on Virginia Slims Superslims by 14% to 2,500 won ($2.21) per pack from KRW2,900, as of April 23. Prices of all other Philip Morris brands in South Korea will remain unchanged.

The price cut comes roughly two months after Philip Morris raised prices on Marlboro in South Korea by KRW200, to KRW2,700, and on Virginia Slims by KRW100. At the time, Philip Morris management conceded it was facing "ferocious" advertising by the region's dominant tobacco company, KT&G, which currently sells its Esse ultraslim brand at KRW2,500 per pack.

Strong demand in Asia has driven sales and earnings growth for Philip Morris, which makes brands such as Marlboro and L&M and derives all sales from outside the U.S. South Korea is a key market for the company as 2010 industry volume ranked above Italy, Germany and Spain, though below other Asian markets like Japan and the Philippines.

While the price decrease is a setback for Philip Morris, the company has shown a great ability to implement price increases in numerous markets it serves. In February, Philip Morris said about 70% of pricing actions taken in markets including Germany, Russia and Indonesia were included in the company's 2012 guidance.

Philip Morris in recent years has gained market share dramatically in South Korea, commanding 19.8% of the market at the end of 2011, far above 2006's level of 8.6%. While the region's total cigarette market dropped 0.6% last year to 90 billion units, Philip Morris's volume jumped 17% as Marlboro and Parliament gained share.

Shares of Philip Morris, which is due to report first-quarter earnings next week, were up 1.3% to $88.41 in recent trading Friday afternoon. The stock has gained 13% so far in 2012.

-By John Kell, Dow Jones Newswires; 212-416-2480; [email protected]

Stocks mentioned in the article : Philip Morris International Inc.
Stocks mentioned in the article
ChangeLast1st jan.
KT&G CORP --End-of-day quote.
PHILIP MORRIS INTERNATIONAL 2.29% 81.7 Delayed Quote.-23.57%
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Financials ($)
Sales 2018 31 340 M
EBIT 2018 12 438 M
Net income 2018 8 155 M
Debt 2018 25 999 M
Yield 2018 5,38%
P/E ratio 2018 15,62
P/E ratio 2019 14,27
EV / Sales 2018 4,88x
EV / Sales 2019 4,60x
Capitalization 127 B
Chart PHILIP MORRIS INTERNATIONA
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Philip Morris Internationa Technical Analysis Chart | PM | US7181721090 | 4-Traders
Technical analysis trends PHILIP MORRIS INTERNATIONA
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 103 $
Spread / Average Target 26%
EPS Revisions
Managers
NameTitle
André Calantzopoulos Chief Executive Officer & Director
Louis C. Camilleri Chairman
Jacek Olczak Chief Operating Officer
Martin G. King Chief Financial Officer
Patrick Brunel Chief Information Officer & Senior Vice President
Sector and Competitors
1st jan.Capitalization (M$)
PHILIP MORRIS INTERNATIONAL-23.57%127 001
BRITISH AMERICAN TOBACCO-24.98%115 738
IMPERIAL BRANDS-11.78%35 603
SWEDISH MATCH30.14%8 505
ESSENTRA-8.97%1 695
TURNING POINT BRANDS INC13.16%475