bat to stop selling vape products from q3 2025

then the guru known as Gxxxxxxx 打脸了

之前他信誓旦旦说稳稳吃米粉，结果他的徒子徒孙付了价格不小的年费

他的徒子徒孙很多在10块以上的价格的
会不会变韭菜

那么他要怎么交代。他就不怕啦因为很多会员给他年费算计起来是几百千的年费，可怜他的会员，给他带去荷兰了哦

之前哪个大师guru 还说鬼佬带领的公司肯定精英，肯定言出必行。

我只知道有句成语叫鬼话连篇。

not sure if the revenue will keep eroding from time to time

阿弥陀佛。。。

BAT Malaysia: Buying Cash Flows, Not the Narrative

British American Tobacco (Malaysia) Berhad is not your typical growth story. It is a classic case of defend and optimise. The cigarette market is structurally declining, illicit trade remains a persistent thorn, and new categories like vaping are still too small to offset the combustible base.

Yet, despite shrinking volumes, BAT Malaysia continues to generate enviable returns: a 21% ROIC and 47% ROE in 2024. Cash flows remain durable, but only if pricing power, product mix, and cost discipline consistently outrun volume attrition.

This is where the investment case gets interesting. Markets often discount such companies too heavily, focusing on past declines rather than the resilience of the cash engine.

BAT Malaysia’s premium and value-for-money brands still fund dividends and strategic bets, but with revenue flatlining and fixed costs creeping up, efficiency gains are not optional - they are survival.

The valuation math suggests limited margin of safety today, but a disciplined investor might still see opportunity when the price fully reflects structural headwinds. So, is BAT Malaysia a value trap or a cash compounder in disguise? The answer lies not in chasing growth, but in testing the durability of its cash machine.

Read the full article at Defend and Optimise: The BAT Malaysia Investment Case for more insights. https://www.i4value.asia/2025/09/defend-and-optimise-bat-malaysia.html#more