[ET Net News Agency, 29 January 2021] DBS Group Research lowered its target price for
Tingyi (Cayman Islands) (00322) to HK$16.5 from HK$17.7 and maintained its "buy" rating.
The research house revised ist FY2021/22 earnings forecasts by -2%/+5%. Post 6% share
price correction since its peak in August, DBS believes investors have priced in the
high-base impact on its instant noodle category.
Following a 29% increase in instant noodle sales in 1H 2020, DBS forecasted sales growth
to ease to 4% in 2H, and decline by 4% in FY2021. Beverage sales were higher in 2H 2020
(1H 2020: -4%), with mild easing seen in 4Q 2020 due to a later CNY (in February 2021).
The research house forecasted beverage sales to see a stronger momentum swing, driven by
an improving macro outlook. Laggards such as RTD tea juices, and water are expected to
recover, while carbonated beverage sales continue to be driven by product mix enhancement.
All-in, DBS expects sales to grow 3.3% in FY2021. (KL)
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00322 TINGYI
Nominal 
10.900 -0.100 (-0.909%) Research Report
29/01/2021 17:50
{I-bank focus}DBS trims Tingyi (00322) to HK$16.5; "buy"
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