[ET Net News Agency, 10 January 2020] Goldman Sachs lifted its target price for Tingyi
(Cayman Islands) Holdings (00322) to HK$12.9 from HK$12.4 and maintained its "neutral"
rating.
The research house cited Tingyi saying that sales in 2019 are likely to reach the
guidance and profit growth may reach above the 5-10% range on higher one-off gains. For
2020, the company sees investments in advertising and channel to be similar to 2019.
Tingyi noted that it will invest primarily in products priced Rmb 5+ in 2020. Capex will
be limited to replacement needs and needs from select new products, and thus the company
expects it to be roughly 50% of depreciation every year going forward.
Cash flows will be used for paying down debt, internal and external M&A opportunities;
the remainder will be returned to shareholders through dividends or share repurchases.
Goldman tweaked Tingyi's recurring EPS forecasts by 2-3% to reflect the better sales
growth and factor in higher one-off gains. (KL)
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00322 TINGYI
Nominal 
8.300 -0.070 (-0.836%) Research Report
10/01/2020 15:58
{I-bank focus}Goldman Sachs lifts Tingyi (00322) to HK$12.9
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