CICC released a research report estimating that TINGYI (00322.HK) +0.020 (+0.196%) Short selling $80.87M; Ratio 40.666% 's 1H24 revenue will grow slightly YoY, with low single-unit growth in beverages and a slight decline in instant noodles.
CICC expected the Company's core net profit to grow by about 19% YoY, slightly beat market consensus, mainly due to better-than-expected gross profit margin improvement driven by the Company's promotion reduction and price hike.
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CICC basically kept its 2024/ 2025 earnings forecasts for TINGYI unchanged, with net profit excluding extraordinary profit and loss growing 20.6%/ 7.5% YoY. Considering the incline in valuation of the market, CICC elevated its target price by 14% to $12, with rating kept at Outperform.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-05 16:25.)
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