煙草在線據Zacks報道編譯　　基于投資者對雷諾美國公司這個煙草股的信心提高，美國投資分析公司Zacks將擁有暢銷卷煙品牌駱駝、波邁、云斯頓和登喜路的雷諾美國公司的評級，從中立提升至跑贏大盤。雷諾美國公司被選入道瓊斯可持續發展指數。此外，一直對經濟逆風顯示出適應力的煙草業則不斷地吸引著投資者。

　　管理部門仍然致力于通過推出創新新產品來刺激需求。最近的產品創新包括兩款新型的駱駝小鼻煙，即薄荷小鼻煙和大Frost。盡管這些創新產品歷時還很短，準確地說，只有一個季度，但它們已經顯示出令人鼓舞的結果。這種新產品給成年煙草消費者提供更多的選擇去嘗試，最終轉向這種創新產品。駱駝Crush和駱駝Crush Bold給成年吸煙者提供了享受吸煙體驗方式的選擇。

　　此外，雷諾美國公司還通過在第二季度推行到美國全國大型都市地區的濕鼻煙零售合同，擴大了灰熊（Grizzly）濕鼻煙的經銷。這種產品在2011年第三季度的銷量取得超過9%的較高增長，推高了雷諾美國公司的業績。雷諾美國公司還將駱駝Crush Bold擴大到美國全國，從而被認為是雷諾美國公司三年來唯一得到擴大的一個卷煙產品線。

　　此外，在2011年第三季度，雷諾美國公司調整后的季度收益為每股70美分，比上個季度每股68美分的收益增長了約2.9%。

　　管理層繼續通過股息來提高股東的價值。為了描述公司強勁的商業業績，董事會宣布股息提高5.7%，達到每股56美分，這導致總股息比上年增長14.3%。不過，公司目前還沒有任何股權回購計劃，公司還計劃在2012年進行重大的資本投資，為銷售機構的變革、訴訟費用籌措資金，為資金不足的養老基金注入資金。

　　在對正反兩方面的情況進行權衡之后，Zacks公司一致估計2011年第四季度的收益為69美分，比上年同期增長14.6%。2011年的利潤估計為2.78美元，比2010年2.49美元的利潤高11.76%。

　　此外，Zacks對雷諾美國公司的定量評級目前為#1，轉變為短期強力買進評級。

Reynolds Climbs to Outperform

Zacks
Jan 13, 2012

　　We upped Reynolds American Inc. (NYSE:RAI - News), the owner of popular brands of cigarettes like Camel, Pall Mall, Winston, and Dunhill, from Neutral to an Outperform rating, based on rising investor confidence in this tobacco stock. The company was selected for the Dow Jones Sustainability Index. Moreover, the tobacco industry, which is consistently showing resilience to the economic headwinds, is increasingly attracting the investors.

　　Management remains committed to stimulating demand through innovative new product launches. Recent product innovations, which includes two new Camel SNUS styles, SNUS mint and Frost Large, have shown encouraging results in spite of it getting a very short term, or precisely, just one quarter. The new products offer adult tobacco consumers moreoptions to try and ultimately switch to this innovative product. Camel Crush and Camel Crush Bold offer adult smokers the option of choosing the way of enjoying their smoking experience.

　　Further, the company also expandedthe distribution of Grizzly moist snuff by way of new retail moist snuff contracts that were introduced in the second quarter to major metropolitan areas across the U.S.The product drove the company's performance, with excellent volume growth of more than 9% in the third quarter 2011. The company also expanded Camel Crush Bold throughout U.S. hails as being the company's only cigarette line expansion in three years.

　　Moreover, in the recently ended quarter, Reynolds' adjusted quarterly earnings of 70 cents per share for third-quarter 2011 increased approximately 2.9% from the prior-period earnings of 68 cents.

　　Management continues to enhance shareholders' value through dividends. To portray the company's strong ongoing business performance, the board of directors announced a 5.7% hike in dividend to 56 cents per share, which led to the total dividend increase to 14.3% over the past year. Though, currently, the company does not have any share repurchase programs, it plans to make significant capital investments into 2012, to fund for the changes in sales structure, the litigation charges and contribute the underfunded pension funds.

　　Weighing the pros and cons, the Zacks Consensus Estimate of earnings for fourth-quarter 2011 is currently pegged at 69 cents, 14.6% higher than the year-ago quarter. For 2011, profit is estimated to be $2.78, 11.76% higher from $2.49 in 2010.

　　Additionally, the quantitative Zacks Rank for Reynolds is currently #1, translating into a short-term Strong Buy rating.