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Maker of Master Kong instant noodles and a major beverage producer (bottled water, tea, juice) in China.
Maker of Master Kong instant noodles and a major beverage producer (bottled water, tea, juice) in China.
Sells low-priced packs of noodles and drinks in huge volume through distributors to shops across China, with beverages the larger revenue line. It also bottles and distributes PepsiCo drinks in China under a long-term franchise. Ting Hsin, the Taiwanese Wei family's group, is the controlling shareholder.
In one line: A Chinese Nissin Foods/PepsiCo beverage hybrid.
Moat: narrow (brand, distribution, scale). Long-standing dominant brand and nationwide distribution network in instant noodles and packaged beverages.
Headquarters: Tianjin, China · Founded: 1992 · Employees: 60,720
Size Tingyi (0322.HK) is a Hong Kong Consumer Staples company (Beverages: Non-Alcoholic) with a market value of $9.59B, the 166th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$13.34 on 6 Nov 2026.
Performance Over six months the shares gained 17.2%, against +7.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th highest of 16 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +12.4%); the operating margin is 8.7% (peer median 12.6%).
Valuation It trades at 14.1× forward earnings against a peer median of 17.2× (3rd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 26.7 points above its cost of capital (5.5% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$88.9B | HK$85.8B | HK$87.4B | HK$88.9B | HK$91.5B |
| Revenue growth | — | -2% | -2% | -3% | — |
| Gross profit | HK$31.6B | HK$29.9B | HK$28.9B | HK$27.0B | HK$26.6B |
| EBITDA | HK$11.7B | HK$10.9B | HK$10.1B | HK$8.20B | HK$8.09B |
| Net income | HK$5.21B | HK$4.88B | HK$4.05B | HK$3.44B | HK$3.06B |
| Free cash flow | HK$6.88B | HK$6.03B | HK$5.73B | HK$2.84B | HK$2.17B |
| Capital expenditure | HK$2.95B | HK$3.37B | HK$3.91B | HK$4.03B | HK$3.77B |
| Total debt | n/a | HK$17.0B | HK$14.4B | HK$15.5B | HK$20.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tingyi 0322.HK | $9.59B | +17% | +4% | 9% | 14.1× | -12.9% |
| Uni-President China 0220.HK | $4.56B | +12% | +4% | 8% | 14.0× | -8.3% |
| Eastroc Beverage (Group) 9980.HK | $11.7B | -40% | +18% | 26% | 13.2× | 3.2% |
| Nongfu Spring 9633.HK | $64.9B | -1% | +27% | 38% | 24.0× | -0.2% |
| Want Want China 0151.HK | $4.43B | -32% | +6% | 18% | 9.7× | n/a |
| Nissin Foods 2897.T | $5.73B | +9% | +5% | 6% | 17.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0322.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.5% | +8.4% | 6th highest of 16 |
| 6-month return | +17.2% | +7.1% | 4th highest of 16 |
| Distance from 52-week high | -5.7% | -9.5% | 5th highest of 16 |
| Revenue growth (TTM) | +3.5% | +12.4% | 3rd lowest of 16 |
| Operating margin | 8.7% | 12.6% | 4th lowest of 15 |
| Forward P/E | 14.1× | 17.2× | 3rd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -12.9% | 1.1% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +2.4% | +11.3% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | -15.4 pp | -14.5 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +26.7 pp | +7.8 pp | 4th highest of 15 |
| EV / EBITDA | 6.6× | 10.3× | 4th cheapest of 14 |
| Net debt / EBITDA | -0.2× | 1.2× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tingyi 0322.HK | Hong Kong | $9.59B | +17% | +4% | 9% | 14.1× | -12.9% | +2.4% |
| Suntory Beverage & Food 2587.T | Japan | $9.58B | +9% | +7% | 9% | 17.2× | -7.5% | +7.8% |
| Celsius CELH | United States | $8.14B | 0% | +83% | 19% | 22.7× | 7.6% | +80.7% |
| Primo Brands PRMB | United States | $8.10B | -4% | +28% | 10% | 16.2× | 9.2% | +27.8% |
| Eastroc Beverage (Group) 605499.SS | China | $11.7B | -27% | +12% | 25% | 17.2× | -3.2% | +33.1% |
| Coca-Cola Consolidated COKE | United States | $13.8B | +19% | +11% | 13% | n/a | -1.3% | +7.6% |
| Coca-Cola FEMSA SAB de CV Sponsored ADR KOF | United States | $6.01B | +8% | +17% | 14% | 16.5× | -20.1% | +12.2% |
| Varun Beverages VBL.NS | India | $15.7B | -14% | +22% | 17% | 42.8× | 37.2% | +26.8% |
| Swire Pacific 0019.HK | Hong Kong | $17.0B | +23% | +7% | 12% | 11.4× | 6.9% | +2.9% |
| Coca-Cola Bottlers Japan 2579.T | Japan | $4.60B | +31% | -2% | 4% | 31.7× | 8.4% | +2.4% |
| Uni-President China 0220.HK | Hong Kong | $4.56B | +12% | +4% | 8% | 14.0× | -8.3% | +6.1% |
| Coca-Cola HBC CCH.L | United Kingdom | $20.5B | -2% | +13% | 11% | 17.2× | 4.9% | +12.8% |
| Embotelladora Andina S.A. Sponsored ADR Pfd AKO-B | United States | $4.26B | +7% | +10% | 13% | 14.6× | -4.2% | +10.4% |
| Fomento Economico Mexicano SAB de CV Sponsored ADR FMX | United States | $26.1B | +7% | +18% | 9% | 24.2× | -6.9% | +13.8% |
| National Beverage FIZZ | United States | $3.48B | +6% | -2% | 18% | 19.2× | 3.4% | +1.9% |
| SDIC Zhonglu Fruit Juice 600962.SS | China | $2.62B | -1% | +100% | n/a | n/a | n/a | n/a |