Tingyi’s 3Q Results Beat Our Forecasts; Raising FVE to HKD 8.80, but Shares Remain Overvalued
No-moat Tingyi’s third-quarter results exceeded our expectations, with EBITDA up 14% and net profit up 30% from the year-ago quarter, driven by strong revenue growth in the beverage segment and an improving operating margin. We are pleased to see that management’s strategic transformation in its distribution network (increasing direct sales in high-tier cities and changing from 10 districts to provincial management) and execution on asset activation (Tingyi has sold its idle factories to OEM pla...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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