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Tingyi (0322) Fair Value & Analysis

Consumer Defensive · HK · Market cap HK$55.1B (≈ $7.0B) · ISIN KYG8878S1030

What is Tingyi really worth?

T Tingyi 0322 · HK
PriceHK$12.55
Fair ValueHK$19.03
Upside+51.6%
Quality69/100

A solid business, trading 34% below our fair value of HK$19.03.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (12/15)

Risks

!Mixed Growth (revenue 5y +2.6 %/yr)
!Thin margins · 5.7% net margin
!Moderate moat 55/100
!Evidence only medium, so the estimate is less certain

For context

·7.22% dividend yield
Evidence: Medium Range HK$13.32 – HK$23.79

Fair value as of: Aug 24, 2026

From 26 valuation models · updated 12 days ago

Fair value updated Aug 24, 2026, revised from HK$19.00 to HK$19.03 (+0.2%) since Aug 13, 2026. Share price +9.9% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (HK$13.32). The market is more pessimistic than our downside scenario.
  • Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

HK$14.04 HK$5.85 Fair Value HK$19.03 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 24, 2026.

How to read this chart

60‑month range HK$5.85 – HK$14.04 · fair‑value band HK$13.32 – HK$23.79 · the HK$12.55 price screens below the HK$19.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 24, 2026.

Full chart & analysis →

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Analysis

Tingyi (0322) currently trades at HK$12.55, while our model-based Fair Value estimate is HK$19.03, implying the stock looks roughly 34.0% undervalued today. The Quality Score stands at 69/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of HK$16.13 per share, and 19 of the 26 models we run sit above the HK$12.55 price. Bear case: the Earnings-Based group reads lowest at HK$4.31, and 7 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Tingyi generated revenue of HK$79.1B at a net margin of 5.7%. Revenue declined 1.2% year over year. It earns a return on equity of 28.7%. Net debt stands at HK$4.4B. Fundamentals as of Aug 24, 2026

Our scenario range runs from HK$13.32 (bear case) to HK$23.79 (bull case); at HK$12.55, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 1% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 52%, 0322 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$10.89 HK$16.02 HK$23.64 80
Growth DCF HK$11.11 HK$15.73 HK$22.23 79
Owner Earnings HK$10.53 HK$15.46 HK$22.80 76
All 26 models by family
DCF Models
FCF DCF HK$10.89 HK$16.02 HK$23.64 80
Owner Earnings HK$10.53 HK$15.46 HK$22.80 76
5Y Revenue Exit HK$10.60 HK$16.13 HK$23.08 72
5Y EBITDA Exit HK$14.19 HK$22.71 HK$32.51 75
5Y P/E Exit HK$11.43 HK$17.65 HK$24.03 71
10Y Revenue Exit HK$10.32 HK$15.35 HK$21.87 67
10Y EBITDA Exit HK$12.89 HK$19.87 HK$28.95 68
10Y P/E Exit HK$11.14 HK$16.39 HK$22.59 64
Earnings-Based
Graham-Dodd HK$5.29 HK$14.89 HK$19.60 65
Lynch FV HK$3.02 HK$4.31 HK$5.60 61
PEG = 1.0 HK$3.02 HK$4.31 HK$5.60 57
EPV HK$8.50 HK$9.76 HK$10.87 74
Dividend Discount
Gordon GGM HK$6.09 HK$12.65 HK$20.07 66
DDM Multi-Stage HK$6.09 HK$9.64 HK$13.28 66
Multiples
P/E Multiple HK$12.25 HK$16.33 HK$20.42 63
P/S Multiple HK$9.92 HK$13.22 HK$16.53 58
P/B Multiple HK$9.92 HK$13.22 HK$16.53 55
EV/EBIT HK$15.02 HK$19.73 HK$24.44 66
EV/EBITDA HK$17.97 HK$23.67 HK$29.36 67
EV/Revenue HK$10.97 HK$15.29 HK$19.62 54
Asset-Based
NCAV (Graham) HK$1.33 HK$1.78 HK$2.66 54
Growth DCF
Growth DCF HK$11.11 HK$15.73 HK$22.23 79
Rev-Margin DCF HK$10.60 HK$16.18 HK$22.42 73
Economic Profit
Residual Income HK$4.54 HK$5.40 HK$16.01 66
ROIC Compounder HK$8.83 HK$10.55 HK$12.34 72
Growth Earnings
Growth-Adj P/E HK$9.80 HK$13.99 HK$18.19 67

Widest divergence: DCF Models (HK$16.13) versus Asset-Based (HK$1.78). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 10.6 as of Jul 1, 2026
P/S ratio 0.61 P/E × margin
EPS (TTM) HK$0.4000 price ÷ EPS = P/E 10.6
Dividend yield 7.2%
Net margin 5.7% FY2025
Return on equity 28.7% TTM
More key figures
Profitability
Return on assets (EBIT) 8.5% avg 5y
Operating margin 7.4% TTM
Growth
Revenue (TTM) HK$79.1B TTM
Revenue growth (YoY) −1.2% 3y avg −0.7%
EPS growth (YoY) +20.5%
Balance sheet & cash flow
Free cash flow HK$5.1B FY2025
Net debt HK$4.4B FY2025 · ≈ 0.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 24, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 67 · Market factors (momentum, volatility) 66

Profitability 75
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 55
Earnings quality: real cash, not paper profit
Fin. Strength 67
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Tingyi (Cayman Islands) Holding Corp., an investment holding company, manufactures and sells instant noodles, beverages, and instant food products in the People's Republic of China. The company operates through Instant Noodles, Beverages, and Others segments.

Full company description

Tingyi (Cayman Islands) Holding Corp., an investment holding company, manufactures and sells instant noodles, beverages, and instant food products in the People's Republic of China. The company operates through Instant Noodles, Beverages, and Others segments. It offers ready-to-drink teas, juices, bottled water, and carbonated soft drinks; various noodles; and coffee/functional/probiotics drinks. The company also provides property management; and management and consulting services. Tingyi (Cayman Islands) Holding Corp. was founded in 1992 and is headquartered in Shanghai, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tingyi reported revenue of 77.0B CNY in FY2025 versus 74.1B CNY in FY2021, a compound +1.0%/yr. Reported net income was 4.4B CNY in FY2025, compounding +3.6%/yr from FY2021.

Growth Quality 57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
HK$77.0B
Latest YoY
−4.5%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.7%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.6%
Avg. revenue growth/yr (26Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.1%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+10.1% (2.9 + 7.2)
Revenue +1.0%/yr
FY21 74.1B CNY
FY22 78.7B CNY
FY23 80.4B CNY
FY24 80.7B CNY
FY25 77.0B CNY
Net income +3.6%/yr
FY21 3.8B CNY
FY22 2.6B CNY
FY23 3.1B CNY
FY24 3.7B CNY
FY25 4.4B CNY
Character of growth · EPS growth decomposed (2014-2025) +8.5 % p.a.
Revenue per share +3.1 %

of which total revenue +3.1 % · buybacks/dilution −0.1 %

EBIT margin +1.1 %
Tax rate +1.8 %
Residual (interest, one-offs) +2.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Tingyi · Fair Value
HK$19.03 +34%Fair Value
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Cite: Fair Value Calculator (2026). "Tingyi Fair Value". https://www.fairvalue-calculator.com/stock/0322

Peer Group

Packaged Foods · 648 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%
Fair Value upside +52% · Top 25%
Return on equity (TTM) 29% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth −1% · Below median
Dividend yield (TTM) 7.2% · Top 25%
Debt / equity 0.39× · Higher than 75% of peers

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 10.6× · Cheaper than 75% of peers
P/B 3.68× · Pricier than 75% of peers
P/S (TTM) 0.70× · Cheaper than median
P/FCF 1.4× · Cheaper than median
EV/EBITDA 5.3× · Cheaper than median
PEG 1.29× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 25
FUTURE0 · sector 21
PAST100 · sector 28
HEALTH81 · sector 96
DIVIDEND100 · sector 53

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 24, 2026).

Stock Price Fair Value vs Fair Value
Nestlé S.A NESN CHF 78.62 CHF 57.26 −27%
Danone S.A BN €64.28 €48.41 −25%
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 −83%
The Kraft Heinz Company KHC $25.13 $24.59 −2%
Foshan Haitian Flavouring and Food Company 603288 ¥35.05 ¥21.93 −37%
Inner Mongolia Yili Industrial Group 600887 ¥25.51 ¥32.50 +27%
Yihai Kerry Arawana Holdings 300999 ¥25.28 ¥9.89 −61%
General Mills, Inc GIS $40.44 $28.32 −30%
Wilmar International Limited F34 3.64 SGD 3.89 SGD +7%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 −68%

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Frequently asked questions

Is Tingyi (0322) overvalued or undervalued?
As of Aug 24, 2026, our model estimates a fair value of HK$19.03 versus a price of HK$12.55, about +52% upside (undervalued).
What is the fair value of 0322?
Our model-based fair value for Tingyi is HK$19.03 (as of Aug 24, 2026), built from audited fundamentals. The current price: HK$12.55.
What is the quality score of 0322?
Tingyi has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Tingyi (0322)?
Tingyi reported trailing-twelve-month revenue of about HK$79.1B (latest available figure, as of Aug 24, 2026).
What is the net profit margin of 0322?
The net profit margin of Tingyi is about 5.7%, meaning it keeps roughly 5.7% of revenue as net income. Based on the latest reported figures.
Does Tingyi pay a dividend?
Tingyi currently shows a dividend yield of about 7.22% relative to its recent price (as of Aug 24, 2026).
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