Tingyi (Cayman Islands) Holding Corp.

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Company Background

Tingyi (Cayman Islands) Holding is a major Taiwan-based food and beverage maker. It is a subsidiary of Taiwan's Ting Hsin International Group, which operates businesses in such fields as retailing, telecommunications and property development.

In China, Tingyi instant noodle products control nearly half the market. In beverages, its ready-to-drink teas, such as those under its Master Kong brand, account for at least 50% of the market, and its Fresh Daily C juice has a share of over 20% of the juice market. Its carbonated drinks hold the second-largest share in China after Coca-Cola of the U.S.

The conglomerate was established in Tianjin, China, in 1991. It started making instant noodles in 1992 and formally launched its beverage business in 1996. In 2012, it acquired the Chinese carbonated-beverages unit of U.S. company PepsiCo.

In 2015, the company agreed to manufacture and distribute ready-to-drink products for U.S. coffee giant, Starbucks, throughout mainland China.

As of the end of 2014, it had 582 sales offices and 77 warehouses in China supplying products to about 120,000 retailers.

Tingyi also has strong corporate links with Japan. Trading house Itochu and Asahi Group Holdings, which owns Asahi Breweries, hold stakes of 18.7% and 6.5%, respectively, in Ting Hsin International, while Tingyi is one-third owned by Japan's Sanyo Foods, a major instantnoodle maker.

Asahi Group Holdings also owns 30.4% of Tingyi-Asahi Beverages Holding, a subsidiary of Tingyi Holding that also operates joint ventures with other Japanese players, such as ketchup maker Kagome and major snack maker Calbee.

Business Summary

Tingyi (Cayman Islands) Holding Corp. operates as an investment holding company. It operates through the following business segments: Instant Noodles, Beverages, and Others. The others segment includes investment holding, properties investment for rental purpose, logistics and supportive functions. The company was founded in 1992 and is headquartered in Shanghai, China.

Financial Highlights

Dec 2021	HKD	USD
Revenue	89,284.78M	11,486.76M
Gross Profit	27,120.75M	3,489.17M
Operating income	5,221.71M	671.78M
Income before tax	6,853.81M	881.76M
Net income	4,582.79M	589.59M
EBITDA	9,008.09M	1,158.91M
Diluted EPS	0.81	0.10
Dividends Per Share	0.83	0.10
Total Assets	73,774.19M	9,462.71M
Total liabilities	46,362.65M	5,946.75M
Total equity	22,826.10M	2,927.81M
Operating cash flow	7,611.86M	979.29M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	67,978.84M	71,879.34M	70,278.05M	75,981.71M	89,284.78M
Gross Profit	19,986.31M	22,170.28M	22,398.30M	25,199.66M	27,120.75M
Operating income	4,474.28M	5,498.54M	4,677.44M	6,731.29M	5,221.71M
Income before tax	3,912.11M	4,713.33M	5,870.78M	7,193.29M	6,853.81M
Net income	2,097.55M	2,917.69M	3,777.05M	4,564.73M	4,582.79M
EBITDA	8,531.71M	9,312.27M	8,371.48M	10,268.71M	9,008.09M
Diluted EPS	0.37	0.51	0.67	0.81	0.81
Dividends Per Share	0.19	0.50	0.65	0.85	0.83
Total Assets	64,943.07M	60,441.97M	64,833.41M	72,954.10M	73,774.19M
Total liabilities	38,180.29M	33,515.36M	39,054.14M	43,622.09M	46,362.65M
Total equity	22,102.69M	22,411.98M	21,900.50M	25,032.09M	22,826.10M
Operating cash flow	8,125.58M	8,693.90M	9,533.42M	10,853.54M	7,611.86M

	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021
Revenue	8,723.26M	9,171.15M	8,969.53M	9,796.51M	11,486.76M
Gross Profit	2,564.71M	2,828.72M	2,858.67M	3,249.05M	3,489.17M
Operating income	574.15M	701.56M	596.97M	867.88M	671.78M
Income before tax	502.01M	601.37M	749.28M	927.44M	881.76M
Net income	269.16M	372.27M	482.06M	588.54M	589.59M
EBITDA	1,094.81M	1,188.16M	1,068.44M	1,323.97M	1,158.91M
Diluted EPS	0.04	0.06	0.08	0.10	0.10
Dividends Per Share	0.02	0.06	0.08	0.11	0.10
Total Assets	8,307.60M	7,719.92M	8,320.72M	9,408.75M	9,462.71M
Total liabilities	4,884.07M	4,280.73M	5,012.21M	5,625.86M	5,946.75M
Total equity	2,827.40M	2,862.55M	2,810.71M	3,228.34M	2,927.81M
Operating cash flow	1,042.70M	1,109.26M	1,216.74M	1,399.37M	979.29M

Valuation Measures

Dec 2021
PER	19.67
ROA	6.24%
ROE	19.15%
Operating margin	5.84%
Profit margin	5.13%

Key executives

Chief Executive Officer: Richard Chen
Chief Financial Officer: KuoWei Liu
Chief Administrative Officer: Jammy Xu
Executive Vice President-CEO Office: Frank Wang
Chief Customer & Marketing Officer: Joey Chen

Shareholders

Sanyo Foods Co., Ltd. (Tokyo) (33.4%)
WEI FAMILY (33.4%)
The Vanguard Group, Inc. (0.8%)
BlackRock Fund Advisors (0.8%)
Invesco Asset Management Ltd. (0.7%)
Hermes Investment Management Ltd. (0.7%)
Massachusetts Financial Services Co. (0.7%)
Lazard Asset Management LLC (0.6%)
T. Rowe Price Hong Kong Ltd. (0.5%)
Burgundy Asset Management Ltd. (0.5%)

Contact Details

Website:http://www.masterkong.com.cn
Address: No. 1688, Wuzhong Road, Minhang District, Shanghai, 201103, China
Phone: +852 2511 1911

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Competitors

Last Updated on 8 Aug, 2022