BAT prospects hit as illicit trade thrives amid MCO

KUALA LUMPUR: The movement control order could be further dampening British American Tobacco (Malaysia) Bhd's fortunes as it sways consumers towards illicit cigarettes, says Kenanga research.

BAT recorded a worse-than-expected contraction in product volume over the first quarter, which was down 18% year-on-year (y-o-y) and 24% lower quarter-on-quarter (q-o-q).