Despite 26% Profit Growth, Tingyi's 3Q Result Lower Than Expected; Cutting FVE to HKD 11
No-moat Tingyi’s third-quarter results came in below our projections, with revenue and EBITDA down 4.2% and up 0.7% year on year, respectively, owing to weakened consumer sentiment from the ongoing U.S.-China trade tensions as well as escalating competition in the beverage segment. Despite its leading position in the instant noodle and tea drink markets, Tingyi underperformed the industry averages and saw market share erosion to its direct competitors during the quarter, as the traditional sales...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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