Philip Morris CR: Lower-than-expected excise-tax increase?

The HN daily announced that according to a preliminary government proposal the cigarette excise tax increase (expected as of January 2003) would increase the retail per-pack price of the leading domestic brand by approx. CZK 3, which is less than we had expected. This would clearly be positive for PM CR and its stock, as the price increase would have less of an impact on the demand for cigarettes next year than had been previously expected.

Jan Hajek