Eastern Company(EAST.CA) denied that there was an official price increase on local and foreign cigarettes, blaming the recent hike in retail prices on weak supervision by authorities and supply shortages as wholesalers typically stock up in July each year to benefit from price increases, if any. Additionally, Philip Morris International lowered production at Eastern’s plants due to FX shortages. According to a market survey conducted by  Al Mal newspaper, current selling prices for Marlboro and LM cigarette brands are 17-25% higher than their official prices. (Al Mal)   Eastern Company: EGP180.00 as of 11 July 2016, Rating: Buy, FV: EGP310.00 per share, MCap: USD1,014 million, EAST EY / EAST.CA