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 2020	HKD	USD
Revenue	75,981.71M	9,796.51M
Gross Profit	25,199.66M	3,249.05M
Operating income	6,731.29M	867.88M
Income before tax	7,193.29M	927.44M
Net income	4,564.73M	588.54M
EBITDA	10,268.71M	1,323.97M
Diluted EPS	0.81	0.10
Dividends Per Share	0.85	0.11
Total Assets	72,954.10M	9,408.75M
Total liabilities	43,622.09M	5,625.86M
Total equity	25,032.09M	3,228.34M
Operating cash flow	10,853.54M	1,399.37M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020
Revenue	64,986.22M	67,978.84M	71,879.34M	70,278.05M	75,981.71M
Gross Profit	20,337.16M	19,986.31M	22,170.28M	22,398.30M	25,199.66M
Operating income	4,364.92M	4,474.28M	5,498.54M	4,677.44M	6,731.29M
Income before tax	2,885.95M	3,912.11M	4,713.33M	5,870.78M	7,193.29M
Net income	1,373.05M	2,097.55M	2,917.69M	3,777.05M	4,564.73M
EBITDA	8,755.18M	8,531.71M	9,312.27M	8,371.48M	10,268.71M
Diluted EPS	0.24	0.37	0.51	0.67	0.81
Dividends Per Share	0.12	0.19	0.50	0.65	0.85
Total Assets	63,091.17M	64,943.07M	60,441.97M	64,833.41M	72,954.10M
Total liabilities	36,190.43M	38,180.29M	33,515.36M	39,054.14M	43,622.09M
Total equity	20,313.09M	22,102.69M	22,411.98M	21,900.50M	25,032.09M
Operating cash flow	9,192.36M	8,125.58M	8,693.90M	9,533.42M	10,853.54M

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020
Revenue	8,371.86M	8,723.26M	9,171.15M	8,969.53M	9,796.51M
Gross Profit	2,619.93M	2,564.71M	2,828.72M	2,858.67M	3,249.05M
Operating income	562.31M	574.15M	701.56M	596.97M	867.88M
Income before tax	371.78M	502.01M	601.37M	749.28M	927.44M
Net income	176.88M	269.16M	372.27M	482.06M	588.54M
EBITDA	1,127.88M	1,094.81M	1,188.16M	1,068.44M	1,323.97M
Diluted EPS	0.03	0.04	0.06	0.08	0.10
Dividends Per Share	0.01	0.02	0.06	0.08	0.11
Total Assets	8,137.48M	8,307.60M	7,719.92M	8,320.72M	9,408.75M
Total liabilities	4,667.83M	4,884.07M	4,280.73M	5,012.21M	5,625.86M
Total equity	2,619.97M	2,827.40M	2,862.55M	2,810.71M	3,228.34M
Operating cash flow	1,184.20M	1,042.70M	1,109.26M	1,216.74M	1,399.37M

Valuation Measures

Dec 2020
PER	16.31
ROA	6.62%
ROE	19.45%
Operating margin	8.85%
Profit margin	6.00%

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%)
Massachusetts Financial Services Co. (0.8%)
The Vanguard Group, Inc. (0.8%)
Hermes Investment Management Ltd. (0.7%)
BlackRock Fund Advisors (0.6%)
Norges Bank Investment Management (0.6%)
Invesco Asset Management Ltd. (0.5%)
Dimensional Fund Advisors LP (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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Tingtong (Cayman Islands) Holdings Corp.

Competitors

Last Updated on 26 Nov, 2021