SHARES in British American Tobacco (M) Bhd (BAT) fell RM1 to close at RM44.50 yesterday on concerns that its strategy to cut prices of select cigarette brands may hurt its earnings in the current fiscal year ending Dec 31.
CIMB Securities Sdn Bhd said in a report to clients that it had reduced BAT’s current-year earnings forecast by 5.2% and lowered the stock’s 12-month target price to RM41.75 given the latest development in the retail market.
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