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Tingyi (Cayman Islands) Holding Corp 00322

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Stock XHKG Rating as of
HKD 9.95 +0.20 (2.05%)
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Company Report

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Tingyi to Navigate Challenging Operating Environment for Instant Noodle Sector

Jacky Tsang

Tingyi is a leading packaged food and beverage producer in China, with the number-one market share in instant noodles and ready-to-drink tea. Apart from its own "Master Kong" brand, the company also sells and distributes PepsiCo’s carbonated soft drinks and Gatorade in China. Tingyi’s portfolio primarily targets the mass market of convenience food and RTD beverages. Through its widespread point-of-sale coverage in the country, the company profits from the vast volume sold through nationwide distributors (80% of total sales).

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Price vs Fair Value

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00322 is trading at a 346% premium.
Price
HKD 9.75
Fair Value
HKD 97.70
Uncertainty
Medium
1-Star Price
HKD 13.67
5-Star Price
HKD 8.17
Economic Moat
Fsmqqd
Capital Allocation
Hryqvnny

Bulls Say, Bears Say

Bulls

Continued urbanization and rising personal income should offer plenty of headroom for Tingyi to grow beverage sales.

Bears

Instant noodle food is considered an unhealthy and inferior option by consumers, which could lead to a slower growth rate versus the overall economy as volumes decrease.

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Trading Information

Previous Close Price
HKD 9.75
Day Range
HKD 9.60–9.96
52-Week Range
HKD 7.07–13.32
Bid/Ask
HKD 9.94 / HKD 9.95
Market Cap
HKD 56.06 Bil
Volume/Avg
9.5 Mil / 7.7 Mil

Key Statistics

Price/Earnings (Normalized)
18.53
Price/Sales
0.63
Dividend Yield (Trailing)
2.75%
Dividend Yield (Forward)
3.21%
Total Yield
2.75%

Company Profile

Tingyi is a major producer of instant noodles and RTD beverages in China, with its Master Kong brand being the most widely known. The company commenced its instant noodle business in the country in 1992 and expanded into beverages in 1996. In March 2012, Tingyi formed a strategic alliance with PepsiCo and became the exclusive manufacturer and distributor of Pepsi’s nonalcoholic drinks in China.
Sector
Consumer Defensive
Industry
Packaged Foods
Stock Style Box
Large Value
Total Number of Employees
66,807
Website
https://www.masterkong.com.cn

Competitors

Valuation

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Metric
00322
00220
PEP
Price/Earnings (Normalized)
 18.5320.7323.26
Price/Book Value
 3.661.9712.98
Price/Sales
 0.630.922.70
Price/Cash Flow
 8.5710.9817.88
Price/Earnings
00322
00220
PEP

Financial Strength

Metric
00322
00220
PEP
Quick Ratio
 0.700.690.64
Current Ratio
 0.840.950.86
Interest Coverage
 8.1337.9715.01
Quick Ratio
00322
00220
PEP

Profitability

Metric
00322
00220
PEP
Return on Assets (Normalized)
 5.75%6.16%10.91%
Return on Equity (Normalized)
 24.79%10.42%58.64%
Return on Invested Capital (Normalized)
 9.81%8.30%18.15%
Return on Assets
00322
00220
PEP
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