reports
TINGYI (CAYMAN ISLANDS) sees an upgrade to Positive due to a better fu...
The general evaluation of TINGYI (CAYMAN ISLANDS) (HK), a company active in the Food Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 15, 2022, the closing price was HKD 17....
- Dave Nicoski
- Ross LaDuke
Int'l Insights: EM Strategy
EM Outperforming; Favor EM over EAFE With many global markets crumbling last week, one might assume that EM would have underperformed -- but that is not what transpired. What we saw was a decline in the US dollar which, along with improving coronavirus metrics in China, led to EM outperformance. Reiterating our 12/20/19 EM Strategy, we continue to believe EM is a better place to be than EAFE, supported by new highs in the EM vs. EAFE ratio and our ongoing belief that the US dollar is likely not...
012510 DOUZONE BIZON CO.LTD
300482 GUANGZHOU WONDFO BIOTECH CO. LTD. CLASS A
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
002111 WEIHAI GUANGTAI AIRPORT (A)
5168 HARTALEGA HOLDINGS BHD.
ESCORTS ESCORTS
TATACONSUM TATA CONSUMER PRODUCTS LIMITED
035720 KAKAO CORP.
036570 NCSOFT CORPORATION
2892 FIRST FINANCIAL HOLDING CO. LTD.
002271 BEIJING ORIENTAL YUHONG WATERPROOF TECHNOLOGY CO. LTD. CLASS A
601567 NINGBO SANXING ELECTRIC (A)
RLF LONGFOR GROUP HOLDINGS LTD.
300070 BEIJING ORIGINWATER TECHNOLOGY CO. LTD. CLASS A
02869 GREENTOWN SERVICE GROUP CO. LTD.
603338 ZHEJIANG DINGLI MACHINERY CO. LTD. CLASS A
5483 SINO-AMERICAN SILICON PRODUCTS INC.
1229 LIEN HWA INDUSTRIAL CORP.
600486 JIANGSU YANGNONG CHEMICAL CO. LTD. CLASS A
6214 SYSTEX CORP.
1227 STANDARD FOODS CORPORATION
00322 TINGYI (CAYMAN ISLANDS) HOLDING CORP.
FROTO FORD OTOMOTIV SANAYI A.S.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
PIDILITIND PIDILITE INDUSTRIES LIMITED
02689 NINE DRAGONS PAPER HOLDINGS LTD.
3532 FORMOSA SUMCO TECHNOLOGY
2049 HIWIN TECHNOLOGIES CORP.
002190 SICHUAN CHENGFEI INTEGRATION TECHNOLOGY (A)
002352 S.F. HOLDING CO. LTD. CLASS A
300122 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO. LTD. CLASS A
300012 CENTRE TESTING INTERNATIONAL GROUP CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
300347 HANGZHOU TIGERMED CONSULTING CO. LTD. CLASS A
300328 DONGGUAN EONTEC (A)
02066 SHENGJING BANK (H)
300450 WUXI LEAD INTELLIGENT EQUIPMENT CO. LTD. CLASS A
300497 JIANGXI FUSHINE PHARMACEUTICAL CO LTD.
0914 ANHUI CONCH CEMENT COMPANY LIMITED CLASS H
002465 GUANGZHOU HAIGE COMMUNICATIONS GROUP INCORPORATED COMPANY CLASS A
EQTL3 EQUATORIAL ENERGIA S.A.
300219 GUANGZHOU HONGLI OPTO ELECTRONIC (A)
ZTO ZTO EXPRESS (CAYMAN) INC. SPONSORED ADR CLASS A
603658 AUTOBIO DIAGNOSTICS CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
300601 SHENZHEN KANGTAI BIOLOGICAL PRODUCTS CO. LTD. CLASS A
300630 HAINAN POLY PHARM (A)
GDS GDS HOLDINGS LTD. SPONSORED ADR CLASS A
603707 NANJING KING-FRIEND BIOCHEMICAL PHARMACEUTICAL CO. LTD. CLASS A
LUCK SENTRAL MITRA INFORMATIKA
603638 YANTAI EDDIE PRECISION MACHINERY CO. LTD. CLASS A
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Global Equities Dive, Testing Major Support Global equities have gone from extreme bullish sentiment and an extended market to panic and fear over coronavirus concerns. It is virtually impossible to predict what will happen regarding the virus or how much further markets could sell off as a result. Below we explain our outlook based on what we do know, which has been dampened but is not yet dire. • Indexes Testing Major Support. Major indexes are testing long-term base support and/or support...
ALL ARISTOCRAT LEISURE LIMITED
DB1 DEUTSCHE BOERSE AG
J2B EXPERIAN PLC
BARN BARRY CALLEBAUT AG
SGRO SEGRO PLC
HSV HOMESERVE PLC
LSEG LONDON STOCK EXCHANGE GROUP PLC
725180 STADA ARZNEIMITTEL AG
TEP TELEPERFORMANCE SE
RTO RENTOKIL INITIAL PLC
DABUR DABUR INDIA LIMITED
MSI MORNEAU SHEPELL
CWK CRANSWICK PLC
TATACONSUM TATA CONSUMER PRODUCTS LIMITED
CCP CREDIT CORP GROUP
4307 NOMURA RESEARCH INSTITUTE LTD.
TCL.A TRANSCONTINENTAL INC. CL A
XRO XERO LIMITED
RLF LONGFOR GROUP HOLDINGS LTD.
02869 GREENTOWN SERVICE GROUP CO. LTD.
6035 IR JAPAN HOLDINGS
1229 LIEN HWA INDUSTRIAL CORP.
2897 NISSIN FOODS HOLDINGS CO. LTD.
1227 STANDARD FOODS CORPORATION
00322 TINGYI (CAYMAN ISLANDS) HOLDING CORP.
PEO. PEOPLE
BOLSAA BOLSA MEXICANA DE VALORES SAB DE CV
300122 CHONGQING ZHIFEI BIOLOGICAL PRODUCTS CO. LTD. CLASS A
300012 CENTRE TESTING INTERNATIONAL GROUP CO. LTD. CLASS A
300075 BEIJING EGOVA (A)
IEL IDP EDUCATION
CERV CERVED GROUP SPA
CWY CLEANAWAY WASTE MANAGEMENT LTD.
WCN WASTE CONNECTIONS INC.
REAL REAL MATTERS
AT1 AROUNDTOWN SA
BVMF3 B3 SA - BRASIL BOLSA BALCAO
AMOT AMOT INVESTMENTS LTD.
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
USD weakness a tailwind for int'l markets With markets showing signs of weakening at logical resistance as outlined in last week's Int'l Compass - we recommend being selective in new purchases. At the same time we are seeing a number of indicators that are giving signals conducive to higher equity prices, meaning global equities may be gearing up for an eventual breakout topside resistance. Below we highlight some attractive and actionable themes along with indicators that support our overall c...
TFG THAIFOODS GROUP
100E HARMONY GOLD MINING CO. LTD.
AGI. ALAMOS GOLD INC.
ABX. BARRICK GOLD CORPORATION
K. KINROSS GOLD CORPORATION
PBH. PREMIUM BRANDS HOLDINGS CORP
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
MAG. MAG SILVER CORP.
AEM. AGNICO EAGLE MINES LIMITED
IVN IVANHOE MINES LTD. CLASS A
LUG LUNDIN GOLD
100V AFRICAN RAINBOW MINERALS LIMITED
TATACONSUM TATA CONSUMER PRODUCTS LIMITED
CPALL CP ALL PUBLIC CO. LTD.
002511 C&S PAPER CO. LTD. CLASS A
INTUCH INTOUCH HOLDINGS PUBLIC COMPANY LIMITED
1210 GREAT WALL ENTERPRISE CO. LTD.
1229 LIEN HWA INDUSTRIAL CORP.
2201 MORINAGA & CO. LTD.
NST NORTHERN STAR RESOURCES LTD
00322 TINGYI (CAYMAN ISLANDS) HOLDING CORP.
URC UNIVERSAL ROBINA CORP.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
601933 YONGHUI SUPERSTORES CO. LTD. CLASS A
CCH COCA-COLA HBC AG
JAS JASMINE INTERNATIONAL PCL
RADL3 RAIA DROGASIL S.A.
RIO RIO TINTO PLC
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
DCG DESJARDINS 1-5 YEAR LADDERED CANADIAN GOVERNMENT BOND INDEX
- Allen Cheng
Morningstar | 00322 Updated Forecasts and Estimates from 22 Apr 2019
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...
- Allen Cheng
Morningstar | Tingyi’s 2018 Result Largely in Line, but a Drop in Ma...
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...
- Allen Cheng
Morningstar | Tingyi’s 2018 Result Largely in Line, but a Drop in Ma...
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...
- Allen Cheng
Tingyi’s 2018 Result Largely in Line, but a Drop in Market Share Cau...
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...
- Allen Cheng
Morningstar | Despite 26% Profit Growth, Tingyi's 3Q Result Lower Than...
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 sal...
- Allen Cheng
Morningstar | Despite 26% Profit Growth, Tingyi's 3Q Result Lower Than...
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 sal...
- Allen Cheng
Despite 26% Profit Growth, Tingyi's 3Q Result Lower Than Expected; Cut...
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 sal...
- Allen Cheng
Despite 26% Profit Growth, Tingyi's 3Q Result Lower Than Expected
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...
- Allen Cheng
Morningstar | Strong Beverage Sales and Better Product Mix Boosted Tin...
Since its 1992 inception, Tingyi has expanded rapidly, evolving into one of China's best-established packaged-food manufacturers. In 2017, Tingyi was the market leader in instant noodles and ready-to-drink tea beverages based on sales value, with 50.2% and 43.6% market share, respectively. It is the also third-ranked bottled water and diluted juice producer, with 12.7% and 19.1% market share, respectively.Over 2014-16, the once-robust growth of China's instant noodles and beverages market has sh...
- Allen Cheng
Strong Beverage Sales and Better Product Mix Boosted Tingyi's 2Q Resul...
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...
- Allen Cheng
Morningstar | Strong Beverage Sales and Better Product Mix Boosted Tin...
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...
- Allen Cheng
Morningstar | Strong Beverage Sales and Better Product Mix Boosted Tin...
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...
- Allen Cheng
Strong Beverage Sales and Better Product Mix Boosted Tingyi's 2Q Resul...
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...
- Allen Cheng
Tingyi’s Strong Gross Margin Expansion Leads to Strong 1Q Results; R...
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 pursui...
- Allen Cheng
Tingyi’s Upbeat 4Q Results Boosted by Its Successful Restructuring S...
Thanks to upbeat instant noodles sales growth and effective cost control, no-moat Tingyi’s fourth-quarter results came in ahead of our expectations, leading to a strong profitability improvement in 2017, following four consecutive years of profit declines. We think the turnaround is a good sign of recovery and believe the growth reacceleration will sustain in the medium term, bolstered by its ongoing distribution restructuring strategy and the promising growth of premium products. Although the...
- Allen Cheng
Tingyi’s 3Q Results Beat Our Forecasts; Raising FVE to HKD 8.80, but...
No-moat Tingyi’s third-quarter results exceeded our expectations, with EBITDA up 14% and net profit up 30% from the year-ago quarter, driven by strong revenue growth in the beverage segment and an improving operating margin. We are pleased to see that management’s strategic transformation in its distribution network (increasing direct sales in high-tier cities and changing from 10 districts to provincial management) and execution on asset activation (Tingyi has sold its idle factories to OEM...
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