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00322 TINGYI
RTNominal up9.750 +0.400 (+4.278%)
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27/11/2018 17:14

[I-bank focus]CLSA trims Tingyi (00322) to HK$14

[ET Net News Agency, 27 November 2018] CLSA lowered its target price for Tingyi (Cayman
Islands) (00322) to HK$14 from HK$15.6 and maintained its "outperform" rating on an
undemanding valuation.
The research house said Tingyi reported weaker-than-expected 3Q results, particularly
top-line growth. Apart from unfavourable weather conditions in 3Q, continuously increasing
competition from key competitors seems to be unexpected by management. As such, management
decided to prioritise market share over profitability and step up A&P investment near
term.
Looking at FY2019, while management aims at high single-digit sales growth, CLSA sees
more challenges ahead and only modeled for mid-single-digit growth & a nearly flat OPM.
(KL)

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