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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 2019 HKDUSD
Revenue70,278.05M8,969.53M
Gross Profit22,398.30M2,858.67M
Operating income4,677.44M596.97M
Income before tax5,870.78M749.28M
Net income3,777.05M482.06M
EBITDA8,371.48M1,068.44M
Diluted EPS0.670.08
Dividends Per Share0.650.08
Total Assets64,833.41M8,320.72M
Total liabilities39,054.14M5,012.21M
Total equity21,900.50M2,810.71M
Operating cash flow9,533.42M1,216.74M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 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 2015Dec 2016Dec 2017Dec 2018Dec 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
PER19.79
ROA6.03%
ROE17.04%
Operating margin6.65%
Profit margin5.37%

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

Related Companies

  • Tingtong Bvi Ltd.
  • 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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