I am using the same approach for all the packaging companies I am screening ie look at the ROE relative to those of New Toyo and Canone.

I have a chart showing the ROE of CYL relative to the 2 reference companies. Unfortunately I don't know how to post it here. Anyway the chart shows that CYL ROE trend is not as good as those for New Toyo or Canone. For New Toyo details go to https://www.i4value.asia/2022/03/has-new-toyo-move-beyond-being-cigar.html#more. But I have not publicly shared my Canone analysis yet.