Tingyi’s 2H Result In Line; Strong Distribution Should Drive Its Midterm Growth, Shares Attractive

Since its 1992 inception, Tingyi has expanded rapidly, evolving into one of China's best-established packaged-food manufacturers. For more than a decade, Tingyi remains the market leader in instant noodles and ready-to-drink tea beverages based on sales, with 43% and 46% volume market share, respectively, in 2019. It is also one of the top-five juice and bottled water producers, with 5% and 16% market share, respectively.