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PMCR to benefit from drawbacks in hoarding effects

PMCR to benefit from drawbacks in hoarding effects

19.1.2007 8:49

According to MF daily, PMCR found legal way to make stocks of its Red&White brand for period longer than some 6 weeks after March 2007 excise tax hike. Current bill allows hoarding in the amount of the 3-month production average increased by 25%, which applies to all brands altogether. PMCR thus decided to create stock of brands like Petra, Sparta, Marlboro and others with exception of Red&White brand for only 25 days, which will allow create stock of Red&White brand for almost 10 months. Other way to bypass the law is to offer distributors incentives to make their own stock.

Our view:
PMCR’s step is opportunistic but would see it as supportive for the stock price as Red&White brand has been gaining market share significantly during past year. As the Czech consumers are extremly price sensitive, this step could lead to increase in popularity of this brand among smokers as the brands from competitors falling into the same price category will most probably be CZK 7/pack more expensive. Current market share of Red&White brand of c10% could easily increase to over 20%. Incentives that PMCR is offering to distributors so that they boost their own stock, which is not limited by the law, could be seen slightly supportive as well.


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