Amid weak consumer sentiment and falling market demand for instant noodles, TINGYI (00322.HK) +0.190 (+2.026%) Short selling $9.37M; Ratio 31.210% 's instant noodles sales decelerated from March to May, CCBI said in its report. Therefore, its instant noodles sales forecast for 1H24F was lowered from a 1% YoY growth to a 2% decline.
CCBI cut TINGYI's profit forecast for FY2024 by 4.7%, reflecting weaker-than-expected instant noodles sales in 1H24F. However, as consumer sentiment is improving and summer will drive demand, performance was expected to gradually improve in 1H24F. The broker projected 3%/ 8% revenue growth from instant noodles/ beverages in 2H24F. It also estimated improvement in 2H24F instant noodle/ beverage segment GPM to 28.5%/ 31.8%.
Related NewsHSBC Research Downgrades TINGYI (00322.HK) to Hold, Lifts TP to $10.4
The target price on TINGYI was raised from $9.3 to $9.9. The broker believed that the group will maintain a 100% dividend payout ratio and an attractive dividend yield of 7.5%. Therefore, it maintained its rating of Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-24 12:25.)
AAStocks Financial News
China's assets explosion and the high record global capital influx hit
Hong Kong Stocks Surge, Hang Seng Index Opens Up 543 Points
China's bailout policy triggers LVMH and Hermès to rise nearly 10%
Will policies boost confidence and the A-share market live up to expectations?
Check whenever you want
WikiStock APP