Tingyi’s 2018 Result Largely in Line, but a Drop in Market Share Causes Concern
We’re raising our fair value estimate for no-moat Tingyi to HKD 11.50 per share from HKD 11, mainly owing to the time value of money and the impact of appreciation of the Chinese yuan against the Hong Kong dollars as we roll over our model. Tingyi posted its 2018 full-year results broadly in line with our expectations, with revenue and net profit up 3% and 35% year on year, respectively. Stripping out the nonrecurring impairment losses for machinery and equipment, EBITDA grew 5.3% year on year t...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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