Tingyi (Cayman Islands) Holding Corp

00322: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tingyi Earnings: Results Exceed Expectations Due to Better Selling Prices; Retain Valuation

Jacky Tsang

Mar 25, 2025

Narrow-moat Tingyi’s 2024 net income grew 20% year on year to CNY 3.73 billion, exceeding our forecast despite revenue coming in below expectation. Price hikes and reduced promotions resulted in better selling prices to distributors, driving stronger gross margin. After revisiting our assumptions, we keep our fair value estimate unchanged at HKD 12.70 per share. We raised our 2025 net profit forecast by 5% but lowered 2026-28 estimates by 2% to 8% due to higher tax rates and lower nonoperating income. We view shares as fairly valued, underpinned by a solid 5.9% 2025 dividend yield.

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Tingyi (Cayman Islands) Holding Corp

Tingyi Earnings: Results Exceed Expectations Due to Better Selling Prices; Retain Valuation

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