[ET Net News Agency, 22 March 2018] Credit Suisse lifted its target price for Tingyi
(Cayman Islands) Holding (00322) to HK$15.9 from HK$15.3, and reiterated its "neutral"
rating.
The research house said Tingyi's 2017 results beat Credit Suisse's expectation by 5%.
The positives mainly came from the noodle segment with sales growth accelerating, and
lower OPEX ratio on efficient marketing and restructuring, offsetting input cost inflation
and leading to 1.5 pp operating profit margin improvements.
Credit Suisse applauded Tingyi's strategies of ex-factory price lift, delayering of its
organisation structure, and continued disposal of idle capacity, which supports an over
25% earnings growth in 2018.
However, considering the one-off nature and lack of new successful products, Credit
Suisse thinks the visibility of organic growth still remains low at the current stage.
(KL)
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00322 TINGYI
Nominal 
8.590 +0.050 (+0.585%) Others
22/03/2018 11:10
[I-bank focus]Credit Suisse lifts Tingyi (00322) to HK$15.9
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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