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    Faham Baig

    Research Analyst at UBS Group

    Faham Baig is an Executive Director of Equity Research at UBS Asset Management (UK) Ltd, specializing in consumer staples with a primary focus on the tobacco industry. He has covered major companies such as Altria Group, Philip Morris International, and British American Tobacco, but his analyst track record includes a 22% success rate and an average return of -18.02% based on public performance metrics. Baig began his career as a Research Analyst at Credit Suisse before joining UBS, where he regularly issues ratings and price targets for leading tobacco firms. He holds senior-level equity research credentials, reflecting his ongoing coverage of some of the sector's largest companies.

    Faham Baig's questions to British American Tobacco (BTI) leadership

    Faham Baig's questions to British American Tobacco (BTI) leadership • H1 2025

    Question

    Faham Baig from UBS Group questioned why EBIT guidance was not raised despite two increases to the top-line outlook, asking where incremental investments are being spent. He also requested an update on the divestment process for the ITC hotels stake.

    Answer

    CFO Soraya Benchikh explained that EBIT guidance was maintained to preserve flexibility for increased investment in new product rollouts like VUSE Ultra, GloHilo, and VeloPlus, which will fuel growth into 2026. CEO Tadeu Marroco reiterated the strategic intent to divest the ITC hotels stake to aid deleveraging but noted the process is subject to bureaucratic steps and approvals in India.

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    Faham Baig's questions to ALTRIA GROUP (MO) leadership

    Faham Baig's questions to ALTRIA GROUP (MO) leadership • Q2 2025

    Question

    Faham Baig asked whether the crackdown on illicit vapes is having a net positive impact on cigarette volumes. He also inquired about a lower-than-normal Federal Excise Tax (FET) per pack, seeking an explanation for the "drawback" policy and its future implications.

    Answer

    CEO Billy Gifford stated it is too soon to call the enforcement momentum a trend but noted it is encouraging. He explained that the FET issue relates to a "drawback" policy that disadvantages domestic manufacturers. He asserted that Altria views this as bad policy but will seek partnerships to avoid being at a competitive disadvantage.

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    Faham Baig's questions to Philip Morris International (PM) leadership

    Faham Baig's questions to Philip Morris International (PM) leadership • Q2 2025

    Question

    Faham Baig from UBS asked for an explanation of the narrowing gross margin gap between smoke-free and combustible products in Q2 and for a reminder of the company's foreign exchange hedge rates for the year.

    Answer

    CFO Emmanuel Babeau explained that the smoke-free gross margin was stable around 70%, and the gap narrowed because combustible margins improved on price and mix. He expects smoke-free margins to remain high in H2, though year-over-year gains will lessen due to tougher comps. He declined to provide specific FX hedge rates, stating it is not a regular disclosure.

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    Faham Baig's questions to Philip Morris International (PM) leadership • Q1 2025

    Question

    Faham Baig asked for the ZYN growth rate indicated by MSA data, PMI's perspective on how recent movements at the CTP might impact the timing of the IQOS ILUMA launch in the U.S., and for the company's net interest cost guidance for the year.

    Answer

    Chief Financial Officer Emmanuel Babeau estimated that MSA data showed ZYN's share growth was close to 30% in March. Regarding the CTP and the IQOS ILUMA launch, he stated that it was too early to comment on any potential impact. On net interest costs, Babeau declined to provide specific full-year guidance but noted that the strong Q1 result was partly due to positive mark-to-market impacts on hedging instruments.

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