＜Research＞CCBI Raises TINGYI (00322.HK) TP to $9.9; Gradual Improvement in 2H24F

　　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.)

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