KUCHING: Philip Morris International's (PMI) launching of its flagship heat-not-burn (HNB) device, the iQoS, in Malaysia may deflate the margins of British American Tobacco Bhd (BAT). In a company update report, the research arm of Affin Hwang Investment Bank Bhd (Affin Hwang Capital) said that it believed PMI could potentially be a significant competition to BAT's current market share in the tobacco industry. "Based on the robust demand seen in Japan its (PMI's iQoS) maiden market and Korea, we believe that PMI's iQos could similarly receive a strong reception ion Malaysia, based on its affordability relative to premium cigarettes and alternatives such as vaping and e-cigarettes, as well as purportedly reduced health risks arising from lower harmful content emitted from heated tobacco.