Morningstar

Morningstar, Inc.

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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…

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…

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…

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…

China

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries, manufactures and sells instant noodles, baked goods, and beverages in China.

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