Tingyi’s Strong Gross Margin Expansion Leads to Strong 1Q Results; Raising FVE to HKD 12
No-moat Tingyi Holding Corp’s first-quarter results were ahead of our expectations, with recurring EBITDA and net profit up 12% and 64% year on year, respectively, driven by a 160-basis-point gross margin expansion on the back of ongoing product mix upgrades and lower tax expenses, as well as a distribution restructuring strategy that has effectively controlled operating expenses. The Chinese food and beverage industry has completely transformed from the volume growth in the past to the pursuit ...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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