1. People's Republic of China Stocks

  2. •

    Consumer Defensive

  3. •

    Packaged Foods
Tingyi (Cayman Islands) Holding Corp.

Tingyi (Cayman Islands) Holding Corp.

910322.TW
Tingyi (Cayman Islands) Holding Corp.TW flagTaiwan Stock Exchange
22.50
TWD
- -
- -
253.68BMarket Cap
Tingyi (Cayman Islands) Holding Corp.
910322.TW
(Taiwan Stock Exchange)

Recent

price

22.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
7.93
8.85
10.28
11.85
11.34
10.55
9.92
10.52
10.8
11.02
12.02
13.17
13.97
14.27
14.31
14.03
10.8
Revenue per Share
0.57
0.47
0.51
0.44
0.44
0.3
0.21
0.32
0.44
0.59
0.72
0.68
0.47
0.55
0.66
0.8
0.44
Basic EPS, GAAP
0.35
-0.92
0.31
0.35
-0.91
0.27
1.1
1
0.99
1.07
1.12
0.43
0.22
0.33
0.83
0.9
0.99
Free Cash Flow per Basic Share
0.23
0.27
0.23
0.2
0.23
0.23
0.15
0.11
0.17
0.44
0.59
1.17
1.15
0.47
0.55
0.66
- -
Dividend per Share
0.03
0.03
0.03
0.03
0.03
2.28
2.47
0.04
0.04
0.04
0.04
0.04
0.04
0.03
0.03
0.03
0.04
Book Value per Share
2.81
3.02
3.86
4.22
4.51
4.48
4.27
3.93
4.15
3.42
3.74
3.35
2.36
2.44
2.52
2.69
4.15
Tangible Book Value per Share
5,587
5,589
5,592
5,594
5,600
5,604
5,603
5,605
5,617
5,622
5,624
5,627
5,633
5,634
5,634
5,636
5,617
Basic Weighted Avg Shares
44,316
49,441
57,499
66,305
63,507
59,094
55,579
58,954
60,686
61,978
67,618
74,082
78,717
80,418
80,651
79,068
60,686
Sales/Revenue/Turnover
11.12
6.39
6
5.27
5.61
4.45
4.36
5.07
5.76
6.42
8.65
6.3
4.53
5.14
7.29
8.36
5.76
Operating Margin (%)
1,854
2,019
2,420
2,741
2,875
3,576
3,799
3,625
3,324
3,258
3,148
3,142
3,266
3,449
3,502
3,630
- -
Depreciation Expense
3,162
2,637
2,863
2,476
2,484
1,664
1,162
1,819
2,463
3,331
4,062
3,802
2,632
3,117
3,734
4,501
2,463
Net Income, GAAP
17.97
24.63
27.36
31.63
30.11
40.3
43.21
33.52
31.43
31.29
29.98
24.53
25.86
26.42
28.67
25.7
31.43
Effective Tax Rate (%)
7.14
5.33
4.98
3.73
3.91
2.82
2.09
3.09
4.06
5.37
6.01
5.13
3.34
3.88
4.63
5.69
4.06
Profit Margin (%)
-3,584
-6,234
-5,156
-7,365
-8,022
-6,234
-6,670
-5,039
-2,977
-2,870
1,629
-4,158
-7,677
-8,719
-14,437
-8,109
-2,977
Working Capital
1,176
3,453
6,147
3,998
7,734
8,611
6,880
6,609
4,373
5,208
8,021
6,546
8,561
5,428
1,781
5,885
4,373
LT Debt
15,714
16,883
21,779
23,795
25,406
25,281
24,101
22,294
23,612
23,046
24,739
22,408
16,815
17,222
17,615
18,499
23,612
Total Equity
22.76
10.58
8.86
7.22
6.5
3.75
3.35
5.06
6.56
7.55
10.7
9.21
7.32
9.07
13.19
14.82
6.56
Return on Invested Capital (%)
60.48
22.06
15.51
13.19
10.9
5.99
3.45
6.2
14.83
20.43
22.04
18.9
12.72
15.83
19.89
22.54
14.83
Return on Capital (%)
1,682.06
1,461.07
1,634.77
1,438.94
1,446.92
25.67
8.73
25.87
1,047.65
1,415.62
1,725.6
1,614.45
1,116.87
1,441.86
1,898.71
2,287.85
1,047.65
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Jun'18
Sep'18
Dec'18
ST Debt
5,412
3,073
6,462
LT Borrowings
5,580
6,536
4,373
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
5,618
5,618
5,618
Market Capitalization
43,335
27,089
25,652

Working Capital

FRC

•

in mil. unless spec.
Jun'18
Sep'18
Dec'18
Total Current Assets
20,708
21,286
20,907
Cash, Cash Equivalents & STI
12,225
12,853
13,808
Accounts Receivable, Net
1,914
2,293
1,715
Inventories
3,117
2,468
2,652
Total Current Liabilities
25,076
22,117
23,885
Payables & Accruals
- -
- -
- -
ST Debt
5,412
3,073
6,462
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-2.6%
-4.93%
5.02%
Free Cash Flow
41.28%
19.99%
9.33%
Net Income, GAAP
14.06%
4.32%
20.52%
Sales/Revenue/Turnover
3.06%
3.26%
-1.96%
Total Cash Common Dividend
26.71%
14.88%
19.85%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
80,418
2024
- -
- -
- -
- -
80,651
2025
- -
- -
- -
- -
79,068

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.55
2024
- -
- -
- -
- -
0.66
2025
- -
- -
- -
- -
0.8

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.47
2024
- -
- -
- -
- -
0.55
2025
- -
- -
- -
- -
0.66
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Business
Tingyi (Cayman Islands) Holding Corp. operates as an investment holding company primarily engaged in the production, manufacturing, and distribution of instant noodles, beverages, and instant food products predominantly in the People's Republic of China. The company's main product portfolio includes instant noodles under its flagship Master Kong brand; ready-to-drink teas; bottled water; functional drinks; cool iced black tea; coffee drinks; probiotics; potato starch; seasoning flavors; sandwich crackers; fruit juice; rice crackers; milk products; and dehydrated vegetables. Additionally, Tingyi exclusively manufactures, bottles, packages, distributes, and sells PepsiCo's non-alcoholic beverages in China through a strategic alliance formed in 2012. The company also undertakes investment holding, property rental and management, logistics, and other supportive services. Tingyi began its instant noodle business in 1992, expanded into instant foods and beverages by 1996, and is headquartered in Shanghai, China. In recent developments, Tingyi has sustained operational optimization efforts focusing on cost structure, operational efficiency, and high-quality growth. In the first half of 2025, despite a slight 2.7% revenue decline to RMB 40.092 billion, the company improved its gross margin by 1.9 percentage points to 34.5%, driven by product upgrades, pricing adjustments, and favorable raw material costs. The instant noodle segment reported revenue of RMB 13.465 billion with a gross margin expansion of 0.7 percentage points to 27.8%, while the beverage segment reached RMB 26.359 billion in revenue with a 2.5 percentage point increase in gross margin to 37.7%. Tingyi continues to leverage innovation in flavor, packaging, and process improvements alongside an omni-channel marketing strategy emphasizing online and offline integration. It accelerates its digital transformation with enterprise-level data platforms and AI-driven solutions to enhance decision-making and efficiency. In October 2025, the company entered a supply agreement related to modified potato starch procurement, signaling strategic supply chain enhancements. Tingyi operates primarily in the food and beverage industry, serving wholesalers and direct retailers across China with a comprehensive product lineup designed to meet diverse consumer preferences. Its strategic partnership with PepsiCo enhances its beverage offerings and market reach. The company focuses on consolidating its core businesses, driving operational excellence, expanding its product portfolio with increased R&D investment, and strengthening its brand presence through diversified marketing approaches. Tingyi continues to strengthen its competitive position in China's fast-moving consumer goods sector through sustained innovation, efficient production, and robust distribution networks. This description reflects Tingyi's position as a leading food and beverage company with a comprehensive product and service offering, ongoing strategic development, and a strong focus on growth and operational efficiency in its core Chinese market.