烟草在线据Zacks报道编译　　基于投资者对雷诺美国公司这个烟草股的信心提高，美国投资分析公司Zacks将拥有畅销卷烟品牌骆驼、波迈、云斯顿和登喜路的雷诺美国公司的评级，从中立提升至跑赢大盘。雷诺美国公司被选入道琼斯可持续发展指数。此外，一直对经济逆风显示出适应力的烟草业则不断地吸引着投资者。

　　管理部门仍然致力于通过推出创新新产品来刺激需求。最近的产品创新包括两款新型的骆驼小鼻烟，即薄荷小鼻烟和大Frost。尽管这些创新产品历时还很短，准确地说，只有一个季度，但它们已经显示出令人鼓舞的结果。这种新产品给成年烟草消费者提供更多的选择去尝试，最终转向这种创新产品。骆驼Crush和骆驼Crush Bold给成年吸烟者提供了享受吸烟体验方式的选择。

　　此外，雷诺美国公司还通过在第二季度推行到美国全国大型都市地区的湿鼻烟零售合同，扩大了灰熊（Grizzly）湿鼻烟的经销。这种产品在2011年第三季度的销量取得超过9%的较高增长，推高了雷诺美国公司的业绩。雷诺美国公司还将骆驼Crush Bold扩大到美国全国，从而被认为是雷诺美国公司三年来唯一得到扩大的一个卷烟产品线。

　　此外，在2011年第三季度，雷诺美国公司调整后的季度收益为每股70美分，比上个季度每股68美分的收益增长了约2.9%。

　　管理层继续通过股息来提高股东的价值。为了描述公司强劲的商业业绩，董事会宣布股息提高5.7%，达到每股56美分，这导致总股息比上年增长14.3%。不过，公司目前还没有任何股权回购计划，公司还计划在2012年进行重大的资本投资，为销售机构的变革、诉讼费用筹措资金，为资金不足的养老基金注入资金。

　　在对正反两方面的情况进行权衡之后，Zacks公司一致估计2011年第四季度的收益为69美分，比上年同期增长14.6%。2011年的利润估计为2.78美元，比2010年2.49美元的利润高11.76%。

　　此外，Zacks对雷诺美国公司的定量评级目前为#1，转变为短期强力买进评级。

Reynolds Climbs to Outperform

Zacks
Jan 13, 2012

　　We upped Reynolds American Inc. (NYSE:RAI - News), the owner of popular brands of cigarettes like Camel, Pall Mall, Winston, and Dunhill, from Neutral to an Outperform rating, based on rising investor confidence in this tobacco stock. The company was selected for the Dow Jones Sustainability Index. Moreover, the tobacco industry, which is consistently showing resilience to the economic headwinds, is increasingly attracting the investors.

　　Management remains committed to stimulating demand through innovative new product launches. Recent product innovations, which includes two new Camel SNUS styles, SNUS mint and Frost Large, have shown encouraging results in spite of it getting a very short term, or precisely, just one quarter. The new products offer adult tobacco consumers moreoptions to try and ultimately switch to this innovative product. Camel Crush and Camel Crush Bold offer adult smokers the option of choosing the way of enjoying their smoking experience.

　　Further, the company also expandedthe distribution of Grizzly moist snuff by way of new retail moist snuff contracts that were introduced in the second quarter to major metropolitan areas across the U.S.The product drove the company's performance, with excellent volume growth of more than 9% in the third quarter 2011. The company also expanded Camel Crush Bold throughout U.S. hails as being the company's only cigarette line expansion in three years.

　　Moreover, in the recently ended quarter, Reynolds' adjusted quarterly earnings of 70 cents per share for third-quarter 2011 increased approximately 2.9% from the prior-period earnings of 68 cents.

　　Management continues to enhance shareholders' value through dividends. To portray the company's strong ongoing business performance, the board of directors announced a 5.7% hike in dividend to 56 cents per share, which led to the total dividend increase to 14.3% over the past year. Though, currently, the company does not have any share repurchase programs, it plans to make significant capital investments into 2012, to fund for the changes in sales structure, the litigation charges and contribute the underfunded pension funds.

　　Weighing the pros and cons, the Zacks Consensus Estimate of earnings for fourth-quarter 2011 is currently pegged at 69 cents, 14.6% higher than the year-ago quarter. For 2011, profit is estimated to be $2.78, 11.76% higher from $2.49 in 2010.

　　Additionally, the quantitative Zacks Rank for Reynolds is currently #1, translating into a short-term Strong Buy rating.