SEHK:322

Stock Analysis Report

Tingyi (Cayman Islands) Holding

Executive Summary

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

Snowflake

Fundamentals

Proven track record with adequate balance sheet and pays a dividend.


Similar Companies

Share Price & News

How has Tingyi (Cayman Islands) Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.1%

322

0.7%

HK Food

0.8%

HK Market


1 Year Return

-13.8%

322

15.9%

HK Food

0.5%

HK Market

Return vs Industry: 322 underperformed the Hong Kong Food industry which returned 15.9% over the past year.

Return vs Market: 322 underperformed the Hong Kong Market which returned 0.5% over the past year.


Shareholder returns

322IndustryMarket
7 Day-1.1%0.7%0.8%
30 Day-6.2%0.3%-0.5%
90 Day-18.6%-5.4%-5.6%
1 Year-10.2%-13.8%19.1%15.9%4.1%0.5%
3 Year28.5%20.4%41.7%31.2%15.5%3.9%
5 Year-38.2%-44.5%4.9%-5.5%19.9%-0.2%

Price Volatility Vs. Market

How volatile is Tingyi (Cayman Islands) Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Tingyi (Cayman Islands) Holding undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: 322 (HK$10.52) is trading below our estimate of fair value (HK$21.61)

Significantly Undervalued: 322 is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: 322 is poor value based on its PE Ratio (20.1x) compared to the Food industry average (14.5x).

PE vs Market: 322 is poor value based on its PE Ratio (20.1x) compared to the Hong Kong market (10.3x).


Price to Earnings Growth Ratio

Low PEG Ratio: 322 is poor value based on its PEG Ratio (2.3x)


Price to Book Ratio

PB vs Industry: 322 is overvalued based on its PB Ratio (2.9x) compared to the HK Food industry average (0.8x).


Next Steps

Future Growth

How is Tingyi (Cayman Islands) Holding forecast to perform in the next 1 to 3 years based on estimates from 19 analysts?

8.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: 322's forecast earnings growth (8.7% per year) is above the savings rate (2%).

Earnings vs Market: 322's earnings (8.7% per year) are forecast to grow slower than the Hong Kong market (11.4% per year).

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

Revenue vs Market: 322's revenue (4.3% per year) is forecast to grow slower than the Hong Kong market (10.2% per year).

High Growth Revenue: 322's revenue (4.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: 322's Return on Equity is forecast to be low in 3 years time (14%).


Next Steps

Past Performance

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

1.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: 322's earnings have grown by 1.2% per year over the past 5 years.

Accelerating Growth: 322's earnings growth over the past year (9.7%) exceeds its 5-year average (1.2% per year).

Earnings vs Industry: 322 earnings growth over the past year (9.7%) exceeded the Food industry 4.4%.


Return on Equity

High ROE: 322's Return on Equity (13.3%) is considered low.


Return on Assets

ROA vs Industry: 322's Return on Assets is below or equal to the Food industry average last year.


Return on Capital Employed

ROCE Improving: 322 has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

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


Financial Position Analysis

Short Term Liabilities: 322's short term assets (CN¥23.8B) do not cover its short term liabilities (CN¥27.7B)

Long Term Liabilities: 322's short term assets (23.8B) exceeds its long term liabilities (5.1B)


Debt to Equity History and Analysis

Debt Level: 322's debt to equity ratio (43.4%) is considered high

Reducing Debt: 322's debt to equity ratio has reduced from 47.9% to 43.4% over the past 5 years.

Debt Coverage: 322's debt is well covered by operating cash flow (62.8%).

Interest Coverage: 322's interest payments on its debt are well covered by EBIT (79.1x coverage).


Balance Sheet

Inventory Level: 322 has a high level of physical assets or inventory.

Debt Coverage by Assets: 322's debt is covered by short term assets (assets are 2.407820x debt).


Next Steps

Dividend

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

2.32%

Current Dividend Yield


Dividend Yield vs Market

company2.3%marketbottom25%2.3%markettop25%6.3%industryaverage2.4%forecastin3Years4.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: 322's dividend (2.32%) is higher than the bottom 25% of dividend payers in the Hong Kong market (2.27%).

High Dividend: 322's dividend (2.32%) is low compared to the top 25% of dividend payers in the Hong Kong market (6.25%).

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.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.3%), 322's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: 322's dividends in 3 years are forecast to be covered by earnings (77.9% payout ratio).


Next Steps

Management

What is the CEO of Tingyi (Cayman Islands) Holding's salary, the management and board of directors tenure and is there insider trading?

4.4yrs

Average board tenure


CEO

James Wei (62yo)

4.8yrs

Tenure

CN¥20,719,000

Compensation

Mr. Chun-Hsien Wei, also known as James has been the Chief Executive Officer of Tingyi Cayman Islands Holding Corp. since January 1, 2015 and served as its Chief Executive Officer of Food Business since Ja ...


CEO Compensation Analysis

Compensation vs. Market: James's total compensation ($USD2.93M) is about average for companies of similar size in the Hong Kong market ($USD583.58K).

Compensation vs Earnings: James's compensation has been consistent with company performance over the past year.


Board Age and Tenure

4.4yrs

Average Tenure

57yo

Average Age

Experienced Board: 322's board of directors are considered experienced (4.4 years average tenure).


Insider Trading

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


Recent Insider Transactions

BuyCN¥200,40028 Dec 18
Chin-Tang Lin
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares20,000
Max PriceCN¥10.02
BuyCN¥49,550,01228 Dec 18
Hong-Ming Wei
EntityIndividual
Role
Chairman of the Board
Chairman of the Board
Shares5,000,000
Max PriceCN¥9.91
BuyCN¥208,80021 Dec 18
Chin-Tang Lin
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares20,000
Max PriceCN¥10.44
BuyCN¥209,60030 Nov 18
Chin-Tang Lin
EntityIndividual
Role
Member of the Board of Directors
Executive Director
Shares20,000
Max PriceCN¥10.48

Ownership Breakdown


Management Team

  • Junichiro Ida (57yo)

    Vice Chairman

    • Tenure: 5.9yrs
    • Compensation: CN¥743.00k
  • Wilson Wu (62yo)

    Chief Auditor

    • Tenure: 0yrs
  • James Wei (62yo)

    Chief Executive Officer

    • Tenure: 4.8yrs
    • Compensation: CN¥20.72m
  • Hong-Ming Wei (41yo)

    Chairman of the Board

    • Tenure: 0.8yrs
    • Compensation: CN¥3.68m
  • Jammy Xu (60yo)

    Chief of Administrative Officer

    • Tenure: 0yrs
  • Walt Wu (58yo)

    Chief Human Resources Officer

    • Tenure: 0yrs
  • Kuo Liu (48yo)

    Chief Financial Officer

    • Tenure: 0yrs
  • Koji Shinohara (51yo)

    Executive Director

    • Tenure: 4.4yrs
    • Compensation: CN¥544.00k
  • Chin-Tang Lin (69yo)

    Executive Director

    • Tenure: 2.2yrs
    • Compensation: CN¥544.00k
  • Joey Chen (55yo)

    Chief Customer & Marketing Officer

    • Tenure: 0yrs

Board Members

  • Tiong-Hock Lee (79yo)

    Independent Non-Executive Director

    • Tenure: 15.1yrs
    • Compensation: CN¥412.00k
  • Junichiro Ida (57yo)

    Vice Chairman

    • Tenure: 5.9yrs
    • Compensation: CN¥743.00k
  • Shin-Chun Hsu (63yo)

    Independent Non-Executive Director

    • Tenure: 20yrs
    • Compensation: CN¥438.00k
  • Hiromu Fukada (90yo)

    Independent Non-Executive Director

    • Tenure: 7.8yrs
    • Compensation: CN¥438.00k
  • Hong-Ming Wei (41yo)

    Chairman of the Board

    • Tenure: 0.8yrs
    • Compensation: CN¥3.68m
  • Koji Shinohara (51yo)

    Executive Director

    • Tenure: 4.4yrs
    • Compensation: CN¥544.00k
  • Chin-Tang Lin (69yo)

    Executive Director

    • Tenure: 2.2yrs
    • Compensation: CN¥544.00k
  • Hong-Chen Wei (36yo)

    Executive Director

    • Tenure: 0.8yrs
  • Yuko Takahashi (56yo)

    Executive Director

    • Tenure: 0.2yrs

Company Information

Tingyi (Cayman Islands) Holding Corp.'s company bio, 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
  • Market Cap: HK$59.158b
  • Shares outstanding: 5.62b
  • Website: https://www.masterkong.com.cn

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
322SEHK (The Stock Exchange of Hong Kong Ltd.)YesOrdinary SharesHKHKDFeb 1996
TYGDB (Deutsche Boerse AG)YesOrdinary SharesDEEURFeb 1996
TCYM.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDFeb 1996
322SHSC (Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect)YesOrdinary SharesHKHKDFeb 1996
322SZSC (The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect)YesOrdinary SharesHKHKDFeb 1996
TCYM.YOTCPK (Pink Sheets LLC)SPONSORED ADRUSUSDJan 2006
910322TSEC (Taiwan Stock Exchange)TDR EACH REPR 1/2 SHTWTWDDec 2009

Biography

Tingyi (Cayman Islands) Holding Corp., an investment holding company, engages in the manufacture and sale of instant noodles, beverages, and instant food products in the People’s Republic of China. It oper ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 12:35
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.