Adjusted EPS of $1.32 came in 6% above consensus on multiple, partially offsetting drivers. Smokeable adjusted OCI grew 6.3% with margins expanding 7...

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PMI's Q1 Beat and the Danger of a Single Story

In her 2009 TED Talk, the Nigerian novelist Chimamanda Ngozi Adichie warned of the danger of a single story — the way our minds reduce a complex reality to a single dominant narrative, and how that narrative, even when not untrue, becomes d...

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I Built a Tobacco Sector Bi-weekly Signal Tracker. Here Comes Issue No. 1

Why I built a bi-weekly tracker

I’ve covered the tobacco sector for long enough to know that the information problem isn’t scarcity — it’s fragmentation.

Every two weeks, there’s a publication of detailed NielsenIQ scanner data on U.S...

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Big Tobaccos — The Power Ranking Guide: 2026 Update

Fourteen months ago, I published the original Power Ranking Guide, a comprehensive cross-company comparison of the Big Five tobacco companies. The central conclusion was that — despite dramatically different growth profiles — the implied to...

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Anthony Yiu

CFA charterholder driven by a lifelong passion for investing. 'Recital' is where my rigorous analysis explores value in resilient and often-misunderstood sectors. Here, I look for the stories behind the numbers.

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