Tingyi’s Q3 Earnings Beat Our Forecast; Fair Value Estimate Rises to HKD 5.50, but Shares Overvalued
No-moat Tingyi’s third-quarter earnings of $220.8 million came in ahead of our expectations, owing to better-than-expected revenue from the beverages segment, which improved from a 65% year-on-year decline in the first half to a year-on-year drop of only 1% in the third quarter. We raise Tingyi’s revenue growth and gross margin forecasts to reflect the better-than-anticipated performance. Thus, our fair value estimate increases to HKD 5.50 from HKD 4.50 per share, and our uncertainty rating chan...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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