Tingyi Again Misses Our Estimates, Headwinds Remain; Fair Value Estimate Cut to HKD 4.50 From HKD 6
Tingyi reported another disappointing quarterly result, with revenue and net profit both falling short of our expectations. In the second quarter, its revenue decreased 18% year over year to $2.09 billion, with the beverages (64% of sales) and instant noodles (34% of sales) segments plunging 21.1% and 11.6% year over year, respectively, mainly owing to a confusing pricing strategy and a lack of innovative products. The gross margin and EBITDA margin deteriorated by 2.1 and 3.9 percentage points,...Tingyi Cayman Islands Holdings is an investment holding company and engaged in trading of spare parts of machineries and raw materials. Co. and its subsidiaries are principally engaged in the manufacture and sale of instant noodles, beverages and instant food products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.