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322

Tingyi (Cayman Islands) Holding SEHK:322 Stock Report

Last Price

HK$12.70

Market Cap

HK$71.5b

7D

0.5%

1Y

-8.1%

Updated

15 Aug, 2022

Data

Company Financials +
322 fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance2/6
Financial Health5/6
Dividends4/6

322 Stock Overview

Tingyi (Cayman Islands) Holding Corp., an investment holding company, manufactures and sells instant noodles, beverages, and instant food products in the People’s Republic of China.

Tingyi (Cayman Islands) Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Tingyi (Cayman Islands) Holding
Historical stock prices
Current Share PriceHK$12.70
52 Week HighHK$18.48
52 Week LowHK$11.70
Beta0.19
1 Month Change-5.79%
3 Month Change-8.76%
1 Year Change-8.10%
3 Year Change5.48%
5 Year Change20.72%
Change since IPO564.92%

Recent News & Updates

May 19
Returns On Capital Are Showing Encouraging Signs At Tingyi (Cayman Islands) Holding (HKG:322)

Returns On Capital Are Showing Encouraging Signs At Tingyi (Cayman Islands) Holding (HKG:322)

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to...

Shareholder Returns

322HK FoodHK Market
7D0.5%-1.5%0.3%
1Y-8.1%-22.0%-21.6%

Return vs Industry: 322 exceeded the Hong Kong Food industry which returned -22% over the past year.

Return vs Market: 322 exceeded the Hong Kong Market which returned -21.6% over the past year.

Price Volatility

Is 322's price volatile compared to industry and market?
322 volatility
322 Average Weekly Movement4.3%
Food Industry Average Movement5.8%
Market Average Movement6.5%
10% most volatile stocks in HK Market12.7%
10% least volatile stocks in HK Market3.2%

Stable Share Price: 322 is less volatile than 75% of Hong Kong stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: 322's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199262,107Richard Chenhttps://www.masterkong.com.cn

Tingyi (Cayman Islands) Holding Corp., an investment holding company, manufactures and sells instant noodles, beverages, and instant food products in the People’s Republic of China. The company operates through Instant Noodles, Beverages, and Others segments. It offers ready-to-drink teas, juices, milk tea, bottled water, and carbonated soft drinks, as well as coffee drinks/functional drinks/probiotics.

Tingyi (Cayman Islands) Holding Fundamentals Summary

How do Tingyi (Cayman Islands) Holding's earnings and revenue compare to its market cap?
322 fundamental statistics
Market CapCN¥61.54b
Earnings (TTM)CN¥3.80b
Revenue (TTM)CN¥74.08b

16.2x

P/E Ratio

0.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
322 income statement (TTM)
RevenueCN¥74.08b
Cost of RevenueCN¥51.57b
Gross ProfitCN¥22.51b
Other ExpensesCN¥18.71b
EarningsCN¥3.80b

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 22, 2022

Earnings per share (EPS)0.68
Gross Margin30.39%
Net Profit Margin5.13%
Debt/Equity Ratio61.0%

How did 322 perform over the long term?

See historical performance and comparison

Dividends

10.9%

Current Dividend Yield

50%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is 322 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 322?

Other financial metrics that can be useful for relative valuation.

322 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.8x
Enterprise Value/EBITDA9x
PEG Ratio1.8x

Price to Earnings Ratio vs Peers

How does 322's PE Ratio compare to its peers?

322 PE Ratio vs Peers
The above table shows the PE ratio for 322 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.9x
151 Want Want China Holdings
15.1x5.0%HK$74.0b
288 WH Group
9.3x11.3%HK$77.6b
3799 Dali Foods Group
11.3x5.5%HK$48.9b
6186 China Feihe
7.8x7.1%HK$62.4b
322 Tingyi (Cayman Islands) Holding
16.2x9.0%HK$71.5b

Price-To-Earnings vs Peers: 322 is expensive based on its Price-To-Earnings Ratio (16.2x) compared to the peer average (10.9x).


Price to Earnings Ratio vs Industry

How does 322's PE Ratio compare vs other companies in the HK Food Industry?

Price-To-Earnings vs Industry: 322 is expensive based on its Price-To-Earnings Ratio (16.2x) compared to the Hong Kong Food industry average (9.4x)


Price to Earnings Ratio vs Fair Ratio

What is 322's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

322 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.2x
Fair PE Ratio15.6x

Price-To-Earnings vs Fair Ratio: 322 is expensive based on its Price-To-Earnings Ratio (16.2x) compared to the estimated Fair Price-To-Earnings Ratio (15.6x).


Share Price vs Fair Value

What is the Fair Price of 322 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 322 (HK$12.7) is trading below our estimate of fair value (HK$30.37)

Significantly Below Fair Value: 322 is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Tingyi (Cayman Islands) Holding forecast to perform in the next 1 to 3 years based on estimates from 24 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


9.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 322's forecast earnings growth (9% per year) is above the savings rate (1.6%).

Earnings vs Market: 322's earnings (9% per year) are forecast to grow slower than the Hong Kong market (16.8% per year).

High Growth Earnings: 322's earnings are forecast to grow, but not significantly.

Revenue vs Market: 322's revenue (5.6% per year) is forecast to grow slower than the Hong Kong market (9.9% per year).

High Growth Revenue: 322's revenue (5.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: 322's Return on Equity is forecast to be high in 3 years time (27.8%)


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Past Performance

How has Tingyi (Cayman Islands) Holding performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


21.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 322 has high quality earnings.

Growing Profit Margin: 322's current net profit margins (5.1%) are lower than last year (6%).


Past Earnings Growth Analysis

Earnings Trend: 322's earnings have grown significantly by 21.9% per year over the past 5 years.

Accelerating Growth: 322's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: 322 had negative earnings growth (-6.4%) over the past year, making it difficult to compare to the Food industry average (2.6%).


Return on Equity

High ROE: 322's Return on Equity (19.6%) is considered low.


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Financial Health

How is Tingyi (Cayman Islands) Holding's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 322's short term assets (CN¥25.7B) do not cover its short term liabilities (CN¥29.8B).

Long Term Liabilities: 322's short term assets (CN¥25.7B) exceed its long term liabilities (CN¥8.1B).


Debt to Equity History and Analysis

Debt Level: 322 has more cash than its total debt.

Reducing Debt: 322's debt to equity ratio has reduced from 67.2% to 61% over the past 5 years.

Debt Coverage: 322's debt is well covered by operating cash flow (39.7%).

Interest Coverage: 322 earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Tingyi (Cayman Islands) Holding current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


10.90%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 322's dividend (10.9%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.85%).

High Dividend: 322's dividend (10.9%) is in the top 25% of dividend payers in the Hong Kong market (8.26%)


Stability and Growth of Payments

Stable Dividend: 322's dividend payments have been volatile in the past 10 years.

Growing Dividend: 322's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (49.8%), 322's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (275.6%), 322's dividend payments are not well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

7.5yrs

Average board tenure


CEO

Richard Chen (59 yo)

1.58yrs

Tenure

CN¥5,766,000

Compensation

Mr. Chen Yinjang, also known as Richard, has been Chief Executive Officer of Tingyi (Cayman Islands) Holding Corp. since January 1, 2021. He served as Chief R&D Officer of Tingyi (Cayman Islands) Holding C...


CEO Compensation Analysis

Compensation vs Market: Richard's total compensation ($USD855.13K) is about average for companies of similar size in the Hong Kong market ($USD747.17K).

Compensation vs Earnings: Insufficient data to compare Richard's compensation with company performance.


Board Members

Experienced Board: 322's board of directors are considered experienced (7.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Tingyi (Cayman Islands) Holding Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: Tingyi (Cayman Islands) Holding Corp.
  • Ticker: 322
  • Exchange: SEHK
  • Founded: 1992
  • Industry: Packaged Foods and Meats
  • Sector: Food, Beverage & Tobacco
  • Implied Market Cap: HK$71.536b
  • Shares outstanding: 5.63b
  • Website: https://www.masterkong.com.cn

Number of Employees


Location

  • Tingyi (Cayman Islands) Holding Corp.
  • Building A
  • No. 1688, Wuzhong Road
  • Shanghai
  • 201103
  • China

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/15 00:00
End of Day Share Price2022/08/15 00:00
Earnings2021/12/31
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.