According to the fleet sheet -Pravo daily, Kamil Provazník of Imperial Tobacco said that cigarette prices will rise in almost all cases by CZK 8 per pack as of April or May, when lower-tax supplies run out. This is CZK 1 more than the increase in the excise tax. Právo said that Philip Morris (7 781 CZK, 2,37%) has changed its strategy and will raise its margin concurrently with the tax increase. Our view: We see the news of moderate increase, compare to previously expected increase of CZK 7 per pack, as slightly positive.