Asia Is Smoking

Philip Morris just came out with earnings that beat expectations.

The fact of the matter is that Asia is smoking hot:

chart

Meanwhile, interesting line here:

PMI’s cigarette shipment volume in Asia increased by 12.6%, predominantly due to growth in Indonesia, Japan and Korea. The growth was partly offset by declines in Pakistan of 18.9%, due to the continued growth of illicit products, and in the Philippines of 3.0%, reflecting the unfavorable impact of excise tax-driven price increases in January 2011 and extreme weather conditions.

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