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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 2021 HKDUSD
Revenue89,284.78M11,486.76M
Gross Profit27,120.75M3,489.17M
Operating income5,221.71M671.78M
Income before tax6,853.81M881.76M
Net income4,582.79M589.59M
EBITDA9,008.09M1,158.91M
Diluted EPS0.810.10
Dividends Per Share0.830.10
Total Assets73,774.19M9,462.71M
Total liabilities46,362.65M5,946.75M
Total equity22,826.10M2,927.81M
Operating cash flow7,611.86M979.29M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 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 2017Dec 2018Dec 2019Dec 2020Dec 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
PER19.67
ROA6.24%
ROE19.15%
Operating margin5.84%
Profit margin5.13%

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

Related Companies

  • Master Kong Beverage Investment (China) Co., Ltd.
  • NanJing Tingyi Food Co., Ltd.
  • Master Kong Instant Foods (BVI) Co. Ltd.
  • Tingtong (BVI) Ltd.
  • Tingyi (BVI) Int'l Co., Ltd.
  • Fumanduo Investment Co., Ltd.
  • Master Kong (Shenyang) Convenient Food Co., Ltd.
  • Master Kong Beverages (BVI) Co. Ltd.
  • Tianjin Tingyu Consulting Co., Ltd.
  • Yangzhou Tingjin Food Co. Ltd.
  • Tingquan (Cayman) Holding Ltd.
  • China Dingya Holding Ltd.
  • Master Kong Instant Foods Investment (China) Co., Ltd.
  • Fujian Tingjin Food Co., Ltd.
  • Shanghai Tingtong Logistics Co. Ltd.
  • Tingyi-Asahi Beverages Holding Co., Ltd.
  • Wuhan Tingyi Food Co. Ltd.
  • Tianjin Tingyuan Food Co., Ltd.
  • Chongqing Tingjin Food Co., Ltd.
  • Xi'an Tingjin Food Co., Ltd.
  • Qingdao Tingjin Food Co., Ltd.
  • Chuan-Kang Co. Ltd.
  • Kang Chun Co. Ltd.
  • Tingtong (Cayman Islands) Holdings Corp.

Competitors

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