JAPAF - Japan Tobacco: A Tale Of Two Markets

• Japan Tobacco's international businesses did well in Q2 2021, thanks to solid industry volume growth in foreign markets as a whole and market share gains in some of these countries.
• Revenue growth for the company's domestic business in Q2 was not as good as that of its international businesses, the spotlight is now on Japan Tobacco's new Ploom X product.
• Japan Tobacco's low-teens P/E multiples don't seem appealing, considering its mid-to-high single-digit forward ROAs and low-to-mid single-digit expected revenue growth rates.

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