Maybank issues a positive BAT report, remember you heard it here first.

Maybank issued a report on BAT, issuing positive guidance, from The Edge:

As a gauge cigarette prices jumped 18% to 21% when the excise duty was raised by 14% in September 2013 and year-to-date (YTD) industry volumes (to September 2014) have contracted 7%. 

We now assume larger 10% contraction (down 5% previously) in industry volumes for 2015 (down 6% for 2014). 

Our forecasts are unchanged, having already imputed the respective variables. 

Overall, we expect a net positive impact on BAT’s earnings from this recent price hike, for it would mitigate some of the cost pressures amid falling export volumes.

Tax increases are generally positive if the company can raise prices.  If price rises aren't done, then it is a net negative for the company.

Something interesting, BAT did try to hike prices of cigarettes earlier, but were not able to do so.  We could interpret this a few ways, collusion among the top players are poor in Malaysia, and/or BAT doesn't have the power to move prices, or they aren't as efficient as the other producers.

If they were testing the market, it was poorly conceived.  There might be some hard times brewing at the cigarette industry.