[ET Net News Agency, 28 November 2019] DBS Group Research raised its target price for
Tingyi (Cayman Islands) Holding (00322) to HK$13.7 from HK$13.23 and maintained its "buy"
rating.
The research house expects competition to remain stiff and hamper sales growth of
bottled water and RTD (ready-to-drink) tea, but the group's drivers such as premium end
noodles (Rmb4 and above) and carbonated drinks should offset the weaker categories.
DBS also expects channel servicing and improvement in supply chain efficiencies (closure
of old factories), to support a recovery in net margin to 4.7% by FY2020. It forecast
Tingyi to deliver an earnings CAGR of 9% in FY2019-21. (KL)
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00322 TINGYI
Nominal 
8.300 -0.070 (-0.836%) Research Report
28/11/2019 16:51
{I-bank focus}DBS raises Tingyi (00322) to HK$13.7; "buy"
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