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Tingyi (Cayman Islands) Holding Corp 00322

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Stock XHKG Rating as of
HK$11.42 −0.19 (1.64%)
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As of Delayed Price Open

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Scaling New Categories Is Key to Tingyi's Long-Term Earnings Growth

Chokwai Lee

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 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 economies of scale enabled by its nationwide distributors (80% of total sales).

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Price vs Fair Value

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00322 is trading at a LOCK|%>q&&%> premium.
Price
HK$11.61
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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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 than the overall economy as volumes decrease.

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Trading Information

Previous Close Price
HK$11.61
Day Range
HK$11.32–11.53
52-Week Range
HK$9.42–14.14
Bid/Ask
HK$11.41 / HK$11.42
Shares Outstanding
5.64B
Market Cap
HK$64.32B
Volume/Avg
3M / 18M

Key Statistics

Price/Earnings (Normalized)
12.57
Price/Sales
0.74
Dividend Yield (Trailing)
3.97%
Dividend Yield (Forward)
3.97%
Dividend Payment Schedule
Jul
Total Yield
3.97%

Company Profile

Tingyi is a leading producer of instant noodles and ready-to-drink beverages in China, with its Master Kong brand being the most popular. The company commenced its instant noodle business in China in 1992 and expanded into beverages in 1996. In March 2012, Tingyi formed a strategic alliance with PepsiCo and became China's exclusive manufacturer and distributor of Pepsi’s nonalcoholic drinks.
Sector
Consumer Defensive
Industry
Packaged Foods
Stock Style Box
Large Value
Total Number of Employees
59,096
Website
https://www.masterkong.com.cn

Competitors

Valuation

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Metric
00322
PEP
09633
Price/Earnings (Normalized)
 12.5715.0223.33
Price/Book Value
 4.397.7610.45
Price/Sales
 0.741.787.08
Price/Cash Flow
 6.9611.8620.13
Price/Earnings
00322
PEP
09633

Financial Strength

Metric
00322
PEP
09633
Quick Ratio
 0.680.690.90
Current Ratio
 0.780.931.06
Interest Coverage
 22.9312.66311.78
Quick Ratio
00322
PEP
09633

Profitability

Metric
00322
PEP
09633
Return on Assets (Normalized)
 8.02%10.57%25.16%
Return on Equity (Normalized)
 33.68%56.34%48.03%
Return on Invested Capital (Normalized)
 13.87%17.14%41.46%
Return on Assets
00322
PEP
09633

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