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Consumer Non-Durables

Tingyi (Cayman Islands) Holding Corp.

  • 12.52 HKD
  • +0.02
  • +0.16%
  • China
    Aug 21, 2019
  • Ticker
    HKG(322)
  • Prev. close
    12.50
  • Market cap (HKD)
    70,292.32M
  • Market cap (USD)
    8,962.76M
  • Shares
    5,623.38M

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, Instant Food, 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 2018 HKDUSD
Revenue71,879.34M9,171.15M
Gross Profit22,170.28M2,828.72M
Operating income5,498.54M701.56M
Income before tax4,713.33M601.37M
Net income2,917.69M372.27M
EBITDA9,312.27M1,188.16M
Diluted EPS0.510.06
Dividends Per Share0.500.06
Total Assets60,441.97M7,719.92M
Total liabilities33,515.36M4,280.73M
Total equity22,411.98M2,862.55M
Operating cash flow8,693.90M1,109.26M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 79,392.29M 70,570.20M 64,986.22M 67,978.84M 71,879.34M
Gross Profit 24,173.55M 22,478.12M 20,337.16M 19,986.31M 22,170.28M
Operating income 5,504.28M 5,409.55M 4,364.92M 4,474.28M 5,498.54M
Income before tax 5,378.40M 3,655.32M 2,885.95M 3,912.11M 4,713.33M
Net income 3,105.61M 1,987.29M 1,373.05M 2,097.55M 2,917.69M
EBITDA 9,031.80M 9,555.87M 8,755.18M 8,531.71M 9,312.27M
Diluted EPS 0.55 0.35 0.24 0.37 0.51
Dividends Per Share 0.27 0.17 0.12 0.19 0.50
Total Assets 71,391.59M 65,732.94M 63,091.17M 64,943.07M 60,441.97M
Total liabilities 39,630.33M 35,551.83M 36,190.43M 38,180.29M 33,515.36M
Total equity 23,524.77M 22,545.64M 20,313.09M 22,102.69M 22,411.98M
Operating cash flow 4,263.91M 6,370.08M 9,192.36M 8,125.58M 8,693.90M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 10,237.98M 9,102.81M 8,371.86M 8,723.26M 9,171.15M
Gross Profit 3,117.28M 2,899.44M 2,619.93M 2,564.71M 2,828.72M
Operating income 709.80M 697.77M 562.31M 574.15M 701.56M
Income before tax 693.56M 471.49M 371.78M 502.01M 601.37M
Net income 400.48M 256.34M 176.88M 269.16M 372.27M
EBITDA 1,164.69M 1,232.60M 1,127.88M 1,094.81M 1,188.16M
Diluted EPS 0.07 0.04 0.03 0.04 0.06
Dividends Per Share 0.03 0.02 0.01 0.02 0.06
Total Assets 9,206.05M 8,481.50M 8,137.48M 8,307.60M 7,719.92M
Total liabilities 5,110.39M 4,587.24M 4,667.83M 4,884.07M 4,280.73M
Total equity 3,033.55M 2,909.05M 2,619.97M 2,827.40M 2,862.55M
Operating cash flow 549.85M 821.67M 1,184.20M 1,042.70M 1,109.26M

Valuation Measures

Dec 2018
PER20.13
ROA4.65%
ROE13.10%
Operating margin7.64%
Profit margin4.05%

Key executives

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

Shareholders

  • Sanyo Foods Co., Ltd. (Tokyo) (33.4%)
  • WEI FAMILY (33.4%)
  • Eastspring Investments (Singapore) Ltd. (1.2%)
  • Hermes Investment Management Ltd. (0.9%)
  • Massachusetts Financial Services Co. (0.9%)
  • The Vanguard Group, Inc. (0.9%)
  • LGM Investments Ltd. (0.7%)
  • BlackRock Fund Advisors (0.7%)
  • APG Asset Management NV (0.5%)
  • Genesis Investment Management LLP (0.5%)

Contact Details

Related Companies

  • Fumanduo Investment Co., Ltd.
  • Master Kong Beverages (BVI) Co. Ltd.
  • Yangzhou Tingjin Food Co. Ltd.
  • Chengdu PepsiCo Beverages Co. Ltd.
  • Tingquan (Cayman) Holding Ltd.
  • China Dingya Holding Ltd.
  • Master Kong Instant Foods Investment (China) Co., Ltd.
  • Guangzhou Tingyi Food Co., Ltd.
  • Master Kong Bakery (BVI) Co., Ltd.
  • Shanghai Tingtong Logistics Co. Ltd.
  • Tingyi-Asahi Beverages Holding Co., Ltd.
  • Wuhan Tingyi Food Co. Ltd.
  • Chongqing Tingyi Food Co. Ltd.
  • Chuan-Kang Co. Ltd.
  • Kang Chun Co. Ltd.

Competitors

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