Tingyi’s 1Q Results Were in Line, but Beverage Market Share Loss Worsened; Shares Remain Overvalued
We retain our fair value estimate of HKD 5.60 per share following the release of Tingyi’s in line first-quarter results, with revenue up 3.7% and net profit up 15.3% from the year-ago period. We view the shares as overvalued, as they are trading at price/fair value estimate of 1.7 times. We saw mixed performance for two major business units with the instant noodle business exceeding the industry average, while the beverage business underperformed the industry average. After several quarters of s...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.
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