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Consumer Non-Durables

Tingyi (Cayman Islands) Holding Corp.

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 HKDUSD
Gross Profit25,199.66M3,249.05M
Operating income6,731.29M867.88M
Income before tax7,193.29M927.44M
Net income4,564.73M588.54M
Diluted EPS0.810.10
Dividends Per Share0.850.11
Total Assets72,954.10M9,408.75M
Total liabilities43,622.09M5,625.86M
Total equity25,032.09M3,228.34M
Operating cash flow10,853.54M1,399.37M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 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 2016Dec 2017Dec 2018Dec 2019Dec 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
Operating margin8.85%
Profit margin6.00%

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


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Contact Details

Related Companies

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    Last Updated on 26 Nov, 2021

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