煙草在線據《煙草世界》報道編譯　　最近，我們重申我們對奧馳亞集團的中立推薦，奧馳亞集團是美國的卷煙、無煙制品、酒類產品的生產和銷售商，以及金融服務的提供商。據高盛分析師的普遍估計，該公司公布2012財年第一季度的利潤為每股49美分，但也比去年的業績高出了11.4%。

　　收入增加的原因是長期開展培育優質品牌的舉措，菲莫美國的業績很好，而且該公司萬寶路品牌的市場份額顯著增加。在無煙制品的細分領域推出新產品也增加了該國公司的營業收入。

　　奧馳亞集團還擁有強大的煙草和酒類品牌組合。這個品牌組合有多個暢銷品牌，如萬寶路、細長弗吉尼亞、哥本哈根、干杯、斯特·米歇爾酒屋和哥倫比亞酒廠。萬寶路繼續為公司提供超越競爭對手的有利競爭優勢。

　　萬寶路黑色柔和，以及近期推出的黑色萬寶路薄荷和不知名的薄荷煙占領了大部分的市場份額。此外，還有哥本哈根和干杯品牌的無煙產品。哥本哈根決定進入新領域，開始推出天然等級的長頸鹿蹄草規格的產品。

　　此外，該公司同windows A/S開展新合作。windows A/S公司是一家制藥公司，從事開發研究和生產帶有其他產品和技術新特點的尼古丁口膠劑，為成人煙草使用者開發創新的、不可燃的尼古丁產品。這表明奧馳亞能正確評估消費者的選擇。

　　消費者普遍轉向低風險的無煙煙草制品。與新公司的合作將使奧馳亞在這個行業獲得市場份額。

　　不過，世界各國政府限制煙草公司維持吸煙者數量的做法。這反過來進一步拉低世界的卷煙消費。

　　美國食品和藥物管理局(FDA)已經決定，煙草公司將利用煙包上的嚴厲警告標簽使客戶放棄吸煙。禁止煙草制品使用的政府措施，以及降低公眾對吸煙的認可，將影響到許多市場上的公司數量等等。

　　另外，FDA還提議根據《煙草控制法案》禁止薄荷煙，從本質上說，薄荷卷煙危害人體健康，并消耗了有用的薄荷。

　　FDA目前正在審查建議，以及很多其他因素，包括禁止薄荷煙產生的出乎意料的結果。由于該規則，為了達到FDA的要求，該公司的成本增加了。此外，此類禁令將會導致黑市營銷，這將對各方非常不利。

Altria remains neutral

　　We recently reaffirmed our neutral recommendation on Altria Group Inc, a manufacturer and marketer of cigarettes, smokeless products, wine and financial services providers in the U.S. The company reported profit of 49 cents per share in the first quarter of fiscal 2012, which according to the consensus estimate of Sachs, but also surpassed the previous year's result of 11.4%.

　　Raising revenue was the result of long-term premium brand initiatives, Philip Morris USA, as well as high performance and significant increase in market share the company's brand Marlboro. Launching new products in the segment of smokeless product also increased the top line results of the company.

　　Altria has a strong portfolio of brands of tobacco and wine. The portfolio is enriched with popular names such as Marlboro, Virginia Slims, Copenhagen, Skoal, Chateau Ste. Michelle and Columbia Crest. Marlboro continues to provide the company a favorable advantage over their competitors.

　　Marlboro black and soft and the recently established Black Marlboro menthol and menthol with no grades occupy a large portion of the market. In addition, the Copenhagen and Skoal brands of smokeless category citation. Copenhagen decided on the new segments, starting Wintergreen elongated neck, the natural grade.

　　In addition, the company's new collaboration with windows A/S, a pharmaceutical company engaged in the development of research and production of nicotine gum with additional features in other products and technologies, the development of innovative, non-combustible nicotine-containing products for adult tobacco users indicated the company’s ability to properly assess consumer choice.

　　There was a general shift of consumers with low risk and smokeless tobacco products. The new company will allow the company's market share in this industry.

　　Nonetheless, governments around the world impose restrictions on tobacco companies to keep smokers. This, in turn, further dragging the consumption of cigarettes in the world.

　　U.S. Food and Drug Administration (FDA) have decided that the tobacco companies will make use of stringent warning labels on cigarette packages to turn customers from smoking. Government measures that prohibit the use of tobacco products, along with a decrease in public recognition of smoking will affect the amount of companies in many markets, go ahead

　　In addition, FDA also proposed a ban on menthol in accordance with the Tobacco Control Act, which essentially said that menthol cigarettes have adverse effects on human health and the elimination of menthol would be.

　　FDA is currently reviewing the recommendations, among many other factors, including the unintended consequences of the ban menthol. As a result of this regulation, the company's costs increased in an effort to meet the requirements of the FDA. Moreover, such a ban would lead to black marketing, which would be extremely detrimental to all parties.