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 2019	HKD	USD
Revenue	70,278.05M	8,969.53M
Gross Profit	22,398.30M	2,858.67M
Operating income	4,677.44M	596.97M
Income before tax	5,870.78M	749.28M
Net income	3,777.05M	482.06M
EBITDA	8,371.48M	1,068.44M
Diluted EPS	0.67	0.08
Dividends Per Share	0.65	0.08
Total Assets	64,833.41M	8,320.72M
Total liabilities	39,054.14M	5,012.21M
Total equity	21,900.50M	2,810.71M
Operating cash flow	9,533.42M	1,216.74M
	Currency in HKD	Currency in USD

Historical Data

HKD | USD

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	70,570.20M	64,986.22M	67,978.84M	71,879.34M	70,278.05M
Gross Profit	22,478.12M	20,337.16M	19,986.31M	22,170.28M	22,398.30M
Operating income	5,409.55M	4,364.92M	4,474.28M	5,498.54M	4,677.44M
Income before tax	3,655.32M	2,885.95M	3,912.11M	4,713.33M	5,870.78M
Net income	1,987.29M	1,373.05M	2,097.55M	2,917.69M	3,777.05M
EBITDA	9,555.87M	8,755.18M	8,531.71M	9,312.27M	8,371.48M
Diluted EPS	0.35	0.24	0.37	0.51	0.67
Dividends Per Share	0.17	0.12	0.19	0.50	0.65
Total Assets	65,732.94M	63,091.17M	64,943.07M	60,441.97M	64,833.41M
Total liabilities	35,551.83M	36,190.43M	38,180.29M	33,515.36M	39,054.14M
Total equity	22,545.64M	20,313.09M	22,102.69M	22,411.98M	21,900.50M
Operating cash flow	6,370.08M	9,192.36M	8,125.58M	8,693.90M	9,533.42M

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019
Revenue	9,102.81M	8,371.86M	8,723.26M	9,171.15M	8,969.53M
Gross Profit	2,899.44M	2,619.93M	2,564.71M	2,828.72M	2,858.67M
Operating income	697.77M	562.31M	574.15M	701.56M	596.97M
Income before tax	471.49M	371.78M	502.01M	601.37M	749.28M
Net income	256.34M	176.88M	269.16M	372.27M	482.06M
EBITDA	1,232.60M	1,127.88M	1,094.81M	1,188.16M	1,068.44M
Diluted EPS	0.04	0.03	0.04	0.06	0.08
Dividends Per Share	0.02	0.01	0.02	0.06	0.08
Total Assets	8,481.50M	8,137.48M	8,307.60M	7,719.92M	8,320.72M
Total liabilities	4,587.24M	4,667.83M	4,884.07M	4,280.73M	5,012.21M
Total equity	2,909.05M	2,619.97M	2,827.40M	2,862.55M	2,810.71M
Operating cash flow	821.67M	1,184.20M	1,042.70M	1,109.26M	1,216.74M

Valuation Measures

Dec 2019
PER	19.79
ROA	6.03%
ROE	17.04%
Operating margin	6.65%
Profit margin	5.37%

Key executives

Chief Executive Officer: Chun-Hsien Wei
Chief Financial Officer: Kuo Wei Liu
Chief Research & Development Officer: Richard Chen
Chief Administrative Officer: Jammy Xu
Chief Customer & Marketing Officer: Joey Chen

Shareholders

Sanyo Foods Co., Ltd. (Tokyo) (33.4%)
WEI FAMILY (33.4%)
Eastspring Investments (Singapore) Ltd. (1.5%)
The Vanguard Group, Inc. (0.9%)
Hermes Investment Management Ltd. (0.9%)
Massachusetts Financial Services Co. (0.8%)
BlackRock Fund Advisors (0.6%)
Dimensional Fund Advisors LP (0.4%)
Macquarie Investment Management Business Trust (0.4%)
Norges Bank Investment Management (0.4%)

Contact Details

Website:http://www.masterkong.com.cn
Address: 1688 Wuzhong Road, Minhang District, Shanghai, 201103, China
Phone: +852 2511 1911

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Competitors

Last Updated on 10 Jul, 2020