BAT with strong performance in the first half and raised guidance. VELO Plus is doing particularly well in the US 
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I was thinking of buying either BAT or Imperial Brands for my OST account from the German stock exchange: is one clearly a better choice if one expects the market for New Products (pouches, e-cigarettes) to grow?
Based on Reddit posts, Zyn (PM) and Velo (BAT) seem to be the most popular pouch brands.
If you look at the share prices, IB’s rise has been more stable for the past couple of years.
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If the investment case relies on smoke-free alternatives, then PM or BAT is the choice. If, on the other hand, you believe that traditional tobacco still has a future, then Imperial Brands is a pretty good choice.
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The tobacco industry is undergoing a transformation. In nicotine pouches, PM’s (Philip Morris) flagship is the ZYN brand and BAT’s (British American Tobacco) VELO brand. One option is to diversify stakes in both.
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Now that’s quite a bullish signal 
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Surely it’s not advisable to buy German or US dividend stocks for an OST because of withholding tax (which is not credited in the case of an OST)?
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Growth, growth, growth…
Translation from a Norwegian article (link below):
Interest in so-called nicotine pouches has never been greater:
The global market is expected to reach a size of $18 billion by 2026 – a 2,700 percent increase from 2019.
– Nicotine pouches are plant-based, and the nicotine is often synthetically produced – it no longer has anything to do with tobacco. This is probably the next big thing, says researcher Karl Erik Lund from the Norwegian Institute of Public Health, adding that companies are now focusing on smoke-free products.
Zyn: – Almost tripled outside the Nordics
In 2014, Swedish Match launched nicotine pouches on the US market under the Zyn brand. Philip Morris International acquired the company in 2022.
CEO Jacek Olczak tells the Financial Times that the acquisition was extremely important:
“Investors are happy. Consumers are happy. We wanted to get a billion people to stop smoking, and Swedish Match had the means to do that. Strategically, it was perfect,” says Olczak.
The number of Zyn boxes delivered to the US has grown from 73 million in the first quarter of 2023 to 202 million in the first quarter of 2025 – an increase of 176 percent.
In 2024, their sales outside the US also grew by 75 percent, writes the Financial Times.
– If we’re talking about a trend, it has to be that nicotine pouches are accelerating the smoke-free transition in the US, which we find very encouraging, says Kristian Tonning Riise, Head of External Affairs at Swedish Match, to E24.
“One of the most important things is that nicotine pouches are used to quit smoking. Another is that the industry creates products with different flavors and stylish boxes adapted to different customer segments,” says Lund.
– A third thing is that the potential for harm is quite low, which consumers understand. There is also a general advertising ban in Europe, but there is some advertising on social media, and in the US, several well-known celebrities have promoted the products, says Lund.
Shares in British American Tobacco, which manufactures Velo nicotine pouches, have risen by 44 percent over the past year.
Simon Evans of Imperial Brands tells E24 that they are seeing growing interest in their “next-generation products,” which include nicotine pouches, e-cigarettes, and heated tobacco products, particularly in the US and Europe.
“Most of the overall growth still comes from the Nordics and the US. There is also growth in other markets, such as the UK, but the starting level is very low. In Western Europe, e-cigarettes are still by far the largest product category in ‘next-generation products.’ In Southeast Europe, it is heated tobacco products,” says Evans.
According to Evans, they expect “next-generation products” to account for 8–25 percent of global nicotine market net revenues by 2030.
https://e24.no/internasjonal-oekonomi/i/B0PEzl/skyter-fart-internasjonalt-dette-er-nok-det-nye-store
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To my understanding, the withholding tax is determined by the location of the head office, which for the mentioned companies is the UK.
Yes, withholding tax is determined by the location of the head office.
Philip Morris International Inc. head office: New York, USA
British American Tobacco head office: London, GBR
Imperial Brands Plc head office: Bristol, GBR
Finland has a valid tax treaty with the UK and the USA, so Finns do not need to consider withholding tax (does not require action & tax maneuvering). Note: British American Tobacco shares can also be bought from the US stock exchange, but they have the same tax treatment.
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Jefferies analyst Edward Mundy initiated coverage of Philip Morris with a buy rating and 220 price target.
British American Tobacco Named Top Tobacco Pick. Jefferies put a buy rating on British American Tobacco.
Jefferies is, overall, positive on the global tobacco industry. The firm puts tobacco among its favored consumer staples segments along with beer and consumer health, per TheFly.com.
https://www.investors.com/news/tobacco-stocks-altria-british-american-bti-stock/?src=A00220
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Good news for Altria (and maybe for others in the future?) from the “electronic” side
FDA Authorizes Marketing of Tobacco- and Menthol-Flavored JUUL E-Cigarette Products
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The company reported a strong second quarter, where revenue and profit rose to record levels.
Demand for smoke-free products, such as IQOS devices and nicotine pouches, grew significantly, and sales of traditional products also remained stable.
Following the positive development, the company raised its full-year outlook.
https://x.com/TrendSpider/status/1947629900770554319
Company’s own materials
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Quite a neat 3.59% beat from Altria ($1.44 vs $1.39 consensus), even though people were so critical in discussions. Probably next month will be the 56th consecutive year of dividend growth. The boldest are already considering a small “extra” increase, i.e., instead of $1.06 (+3.9%), even $1.07 (+4.9%), but I’m guessing a more cautious approach 
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By the way, what is big money’s stance on the tobacco industry? The tobacco industry is not very ESG-compliant, and previously, at least, there was a trend to avoid certain sectors entirely. Does this also apply to tobacco companies? Based on a quick browse, at least not entirely, and apparently “passive ownership” of these can be found among fund giants, but what about more active funds?
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Philip Morris nostaa osingon määrää. Näyttää siltä, että hyvin menee 
The board of Philip Morris International Inc. (NYSE:PM) has announced that it will be increasing its dividend by 8.9% on the 20th of October to $1.47, up from last year’s comparable payment of $1.35.
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British American Tobacco’s (BTI) Dividend History Makes it a Safe Bet in Dividend Stocks to Buy Under $100
What sets British American Tobacco p.l.c. (NYSE:BTI) apart from rivals is its global reach. Unlike companies focused mainly on the US or specific international markets, BAT offers investors broad exposure across the entire tobacco sector. Its product lineup spans cigarettes, heated tobacco, vaporizers, and chewing tobacco, making it one of the best dividend stocks under $100.
British American Tobacco p.l.c. (NYSE:BTI) has raised its payouts every year since 2018. The company currently offers a quarterly dividend of $0.7391 per share and has a dividend yield of 5.61%, as of September 18.
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Philip Morris delivered strong results and raised its forecasts. A significant role in this was apparently played by the rapid growth of smoke-free products and their successful pricing. Revenue and EPS clearly exceeded expectations, and the company also raised its dividend. 
Smoke-free products already account for a large portion of revenue, and ZYN and IQOS products are selling well. Sales of traditional cigarettes are declining, but the growth of smoke-free products reportedly more than compensates for it.
Competition is intensifying, but the company’s management is optimistic about the future, “surprise”.
https://x.com/Earnings_Time/status/1980593856681787533
Company’s Own Materials
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Haypp Group, listed in Sweden, released its Q3 report this morning, which, in my quick review, didn’t stand out in any particular direction. However, the CEO points out that "key US market continues to develop favorably” as he writes in the CEO’s statement.
It’s worth noting that the stock has performed strongly over the 1-3 year perspective.
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