[ET Net News Agency, 25 March 2020] Huatai Research lowered its target price for Tingyi
(Cayman Islands) Holding (00322) to HK$13 from HK$13.5 and maintained its "hold" rating.
The research house said Tingyi's 2019 net profit of RMB3.3bn beat Huatai's estimates by
24% on higher disposal gain, government grants, and gross profit margin expansion.
However, Huatai sees the COVID-19 pandemic weighing heavily on the high-margin beverage
business in 2020, despite strong noodle sales momentum. It also estimated the unfavorable
change in sales mix will lead to 20bp gross margin contraction in 2020, despite a
favorable raw material price trend.
Huatai cut its 2020/2021 net profit forecasts by 4%/5% on lower revenue forecasts. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00322 TINGYI
Nominal 
8.300 -0.220 (-2.582%) Research Report
25/03/2020 16:42
{I-bank focus}Huatai lowers Tingyi (00322) to HK$13; "hold"
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |