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Consumer Non-Durables

Tingyi (Cayman Islands) Holding Corp.

  • 16.40 HKD
  • -0.26
  • -1.56%
  • China
    Apr 20, 2018
  • Ticker
    HKG(322)
  • Prev. close
    16.66
  • Market cap (HKD)
    93,576.40M
  • Market cap (USD)
    11,926.60M
  • Shares
    5,616.83M

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. engages in the production and distribution of instant noodles, beverages, and instant food products. It also manufactures, bottles, packages, distributes, and sells PepsiCo nonalcoholic drinks in the PRC. The company was founded in 1992 and is headquartered in Shanghai, China.

Financial Highlights

Dec 2017 HKDUSD
Revenue67,978.84M8,723.26M
Gross Profit19,986.31M2,564.71M
Operating income4,474.28M574.15M
Income before tax3,912.11M502.01M
Net income2,097.55M269.16M
EBITDA8,531.71M1,094.81M
Diluted EPS0.370.04
Dividends Per Share0.190.02
Total Assets64,943.07M8,307.60M
Total liabilities38,180.29M4,884.07M
Total equity22,102.69M2,827.40M
Operating cash flow8,125.58M1,042.70M
Currency in HKDCurrency in USD

Historical Data

 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 84,865.39M 79,392.29M 70,570.20M 64,986.22M 67,978.84M
Gross Profit 25,668.63M 24,173.55M 22,478.12M 20,337.16M 19,986.31M
Operating income 4,486.51M 5,504.28M 5,409.55M 4,364.92M 4,474.28M
Income before tax 5,607.97M 5,378.40M 3,655.32M 2,885.95M 3,912.11M
Net income 3,168.92M 3,105.61M 1,987.29M 1,373.05M 2,097.55M
EBITDA 7,995.13M 9,031.80M 9,555.87M 8,755.18M 8,531.71M
Diluted EPS 0.56 0.55 0.35 0.24 0.37
Dividends Per Share 0.28 0.27 0.17 0.12 0.19
Total Assets 65,320.07M 71,391.59M 65,732.94M 63,091.17M 64,943.07M
Total liabilities 34,875.85M 39,630.33M 35,551.83M 36,190.43M 38,180.29M
Total equity 22,333.06M 23,524.77M 22,545.64M 20,313.09M 22,102.69M
Operating cash flow 9,892.10M 4,263.91M 6,370.08M 9,192.36M 8,125.58M
 Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017
Revenue 10,940.99M 10,237.98M 9,102.81M 8,371.86M 8,723.26M
Gross Profit 3,309.24M 3,117.28M 2,899.44M 2,619.93M 2,564.71M
Operating income 578.40M 709.80M 697.77M 562.31M 574.15M
Income before tax 722.98M 693.56M 471.49M 371.78M 502.01M
Net income 408.54M 400.48M 256.34M 176.88M 269.16M
EBITDA 1,030.74M 1,164.69M 1,232.60M 1,127.88M 1,094.81M
Diluted EPS 0.07 0.07 0.04 0.03 0.04
Dividends Per Share 0.03 0.03 0.02 0.01 0.02
Total Assets 8,424.32M 9,206.05M 8,481.50M 8,137.48M 8,307.60M
Total liabilities 4,497.93M 5,110.39M 4,587.24M 4,667.83M 4,884.07M
Total equity 2,880.29M 3,033.55M 2,909.05M 2,619.97M 2,827.40M
Operating cash flow 1,275.30M 549.85M 821.67M 1,184.20M 1,042.70M

Valuation Measures

Dec 2017
PER40.61
ROA3.27%
ROE9.89%
Operating margin6.58%
Profit margin3.08%

Key executives

  • Chief Executive Officer: Chun-Hsien Wei
  • Chief Financial Officer: Kuo Wei Liu
  • Chief Research & Development Officer: Richard Chen
  • Chief of Staff: Jammy Xu
  • Chief Auditor: Wilson Wu

Shareholders

  • Sanyo Foods Co., Ltd. (Tokyo) (33.5%)
  • WEI FAMILY (33.5%)
  • Genesis Investment Management LLP (2.7%)
  • Eastspring Investments (Singapore) Ltd. (1.4%)
  • Hermes Investment Management Ltd. (1.1%)
  • Invesco Hong Kong Ltd. (0.9%)
  • The Vanguard Group, Inc. (0.8%)
  • BlackRock Fund Advisors (0.6%)
  • Norges Bank Investment Management (0.6%)
  • Massachusetts Financial Services Co. (0.5%)

Contact Details

Related Companies

  • 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

  • Asahi Group Holdings,Ltd.
Last Updated on 20 Apr, 2018

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