Strong Beverage Sales and Better Product Mix Boosted Tingyi's 2Q Result; Raising FVE to HKD 13
No-moat Tingyi Holding Corp, or Tingyi, posted an upbeat second-quarter result that beat our forecast, with revenue and EBITDA growing 11% and 20% year on year, respectively, driven by strong beverages and high-end instant noodles sales. Profitability also saw improvement from last year, with gross margin and EBITDA margin up 256 and 85 basis points, respectively, to 32.7% and 12.1%, thanks to better product mix and price hikes, along with effective cost control. Although management guided for c...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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