Tingyi (Cayman Islands) Holding Corp

00322: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tingyi: Raw Material Costs a Tailwind to 2024 Profit but Could Dissipate in 2025; Valuation Intact

Jacky Tsang

Mar 13, 2025

We reviewed our earnings forecasts for narrow-moat Tingyi ahead of its results announcement in late March. We slightly raised our 2024 net income estimate by 2% to CNY 3.54 billion, reflecting benefits from lower input costs. Our longer-term earnings forecasts remain largely unchanged. Hence, we maintain our fair value estimate for Tingyi at HKD 12.70 per share, which implies 18 times 2025 price/earnings and 8 times enterprise value/EBITDA. We see shares as fairly valued with a decent 2025 dividend yield of 5.6%.

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Tingyi (Cayman Islands) Holding Corp

Tingyi: Raw Material Costs a Tailwind to 2024 Profit but Could Dissipate in 2025; Valuation Intact

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