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The trade is dominated by a handful of multinationals, the largest being the state-owned China National Tobacco Corporation, which makes 2.5 trillion cigarettes a year, followed by Philip Morris (990 billion cigarettes a year worth more than US$47.1 billion)
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As I documented in a peer-reviewed journal (here), NSDUH adult smoking rates tend to be higher than rates reported from NHIS
Along with tobacco's well-known recession-resilience features and attractive yield, BAT's self-help growth attributes and the positive underlying top line momentum in emerging markets should help the group to mitigate recent unfavourable foreign exchnage movements, underpinning our Outperform rating.
These breaches can devastate victims and often result in identity theft and financial losses
