[ET Net News Agency, 1 December 2020] Goldman Sachs lowered its target price for Tingyi
(Cayman Islands) Holding (00322) to HK$15 from HK$16 and maintained its "neutral" rating.
The research house fine-tuned its EPS estimates for FY2020-22 by up to 3% mainly to
reflect faster beverage sales growth and slower noodles sales in 2H. Goldman expects
beverage sales to grow by 13%, as the water price hike was removed, and the segment may
also enjoy some benefits from more outdoor activities and distributor de-layering.
For noodles, Goldman expects growth to slow down but expects premium noodles to still
out-perform. Also, higher palm oil costs and lower sugar and PET prices shall depress
noodles segment margin and boost the beverages margin.
As a result, Goldman estimated 10% sales growth and 12% EPS growth for 2H. For 2021, it
expects flattish EPS growth considering more normalized consumer behavior with the
COVID-19 situation generally under control in China. (KL)
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00322 TINGYI
Nominal 
10.840 +0.080 (+0.743%) Others
01/12/2020 17:50
{I-bank focus}Goldman lowers Tingyi (00322) to HK$15
| Remark: | Real time quote last updated: 23/09/2024 17:59 |
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