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Key Info

Tingyi Cayman Islands Holding Corp Web - www.masterkong.com.cn

Tel - 852-2511-1911

Next Reporting Date - 15.05.2019

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Packaged Foods & Meats Sector Link to Midlincoln Rural Investment Banking Ideas

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    Tingyi Cayman Islands Holding C

    Food Beverage & Toba


    DCF Model Assumptions

    Risk Free Rate

    2.70%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.26%

    Cost of Debt

    5.26%

    Long Term Growth

    2.00%

    Beta Assumption

    0.67

    Current Market Cap mln$

    8,999.90

    Net Debt mln$

    143.22

    WACC Estimate

    6.70%

    Ordinary Current Price $

    1.60

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue9102.818371.868733.799181.269280.579535.419793.4810062.9010349.1810635.5910929.9211232.4011543.2611862.7112191.01
    EBITDA Costs8043.827387.397680.828070.028172.858394.858619.678854.389103.779353.159609.359872.5710143.0010420.8410706.29
    EBITDA1058.99984.471052.971111.241107.721140.561173.811208.521245.401282.441320.571359.831400.261441.871484.72
    EBITDA Margin11.6311.7612.0612.1011.9411.9611.9912.0112.0312.0612.0812.1112.1312.1512.18
    Operating Costs8594.707969.818217.908572.848685.448889.389095.909311.519540.619768.1210001.0610239.5510483.7310733.7310989.70
    Operating Profit508.11402.05515.88608.42595.13646.03697.58751.39808.57867.47928.87992.851059.531128.981201.31
    Operating Margin5.584.805.916.636.416.787.127.477.818.168.508.849.189.529.85
    Pretax Costs8631.318000.088231.168579.228702.468903.699107.469320.209546.269770.5910000.2010235.2010475.7310721.9110973.88
    PTP471.50371.78502.62602.04578.11631.72686.01742.70802.92865.00929.72997.201067.531140.801217.13
    Pretax Margin5.184.445.756.566.236.637.007.387.768.138.518.889.259.629.98
    Net Income Costs8846.478194.988464.308837.128950.519165.149382.489609.399850.5010090.1610335.6510587.1210844.7011108.5511378.82
    Net Income256.34176.88269.49344.14330.06370.27410.99453.51498.68545.43594.27645.29698.56754.16812.19
    Net Margin2.822.113.093.753.563.884.204.514.825.135.445.746.056.366.66
    Revenue Less Capex9647.078655.978891.859390.409637.539926.5310219.1910524.7310849.4011175.7111511.8311858.0712214.7112582.0912960.51
    Capex-544.26-284.11-158.06-209.14-356.96-391.12-425.72-461.84-500.22-540.12-581.91-625.66-671.46-719.38-769.51
    Capex to Revenues-5.98-3.39-1.81-2.28-3.85-4.10-4.35-4.59-4.83-5.08-5.32-5.57-5.82-6.06-6.31
    Revenue less FCF8825.397471.767847.898279.918702.959054.019409.539780.6910175.0810578.8110998.5511434.9611888.6812360.4012850.84
    FCF277.42900.10885.90901.35577.63481.40383.95282.21174.1056.78-68.63-202.55-345.42-497.69-659.83
    FCF to Revenue3.0510.7510.149.826.225.053.922.801.680.53-0.63-1.80-2.99-4.20-5.41

    CHINA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2319 HKChina Mengniu Dairy Co LtdCHINA 14223.3724.4420.1214.8512.741.241.018.423.3414.0423.40
    151 HKWant Want China Holdings LtdCHINA 9791.7219.3418.3311.7511.033.102.7024.644.1621.9610.88
    322 HKTingyi Cayman Islands Holding CorpCHINA 8999.9022.1520.668.107.800.952.8111.952.9013.377.83
    168 HKTsingtao Brewery Co LtdCHINA 8882.1332.2429.4016.5415.212.191.3610.462.828.8049.58
    220 HKUni-President China Holdings LtdCHINA 3931.3722.5420.178.257.791.163.5912.701.978.79-9.91

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    KO USCoca-Cola Co/TheUNITED STATES 204090.9522.7821.1620.6919.145.893.3333.2410.7749.645.93
    PEP USPepsiCo IncUNITED STATES 176811.7722.8421.1215.4614.542.663.0119.7712.3153.2316.03
    ABI BBAnheuser-Busch InBev SA/NVBELGIUM 175959.3618.2517.4212.3811.753.152.2741.412.4113.7917.28
    PM USPhilip Morris International IncUNITED STATES 130049.5616.1314.8612.6211.774.365.6342.22--67.94-3.36
    DGE LNDiageo PLCBRITAIN 99045.7924.8023.2819.5318.536.022.1635.728.6233.8721.06
    MO USAltria Group IncUNITED STATES 96183.9912.2811.5311.3411.124.876.4154.486.3151.11-15.96
    BATS LNBritish American Tobacco PLCBRITAIN 87603.929.498.959.679.252.707.0046.441.0110.73-14.83
    ABEV3 BZAmbev SABRAZIL 72604.9523.1520.6712.7211.615.423.8041.414.9822.6314.11
    MDLZ USMondelez International IncUNITED STATES 72301.8420.1818.7017.2216.452.782.1120.032.7513.9926.16
    HEIA NAHeineken NVNETHERLANDS 61735.3221.4119.7911.6811.152.331.7524.673.4116.4820.98
    BN FPDanone SAFRANCE 54434.6318.6616.9112.6911.781.932.8919.182.6214.6611.38
    ITC INITC LtdINDIA 53306.1229.8526.6319.7617.517.871.9938.436.5722.7913.24
    RI FPPernod Ricard SAFRANCE 46181.5424.7022.1217.1215.764.521.7530.632.6210.7015.59
    2914 JPJapan Tobacco IncJAPAN 46069.9312.0811.658.508.402.326.0032.321.6814.97-8.65
    STZ USConstellation Brands IncUNITED STATES 40510.2917.7624.1316.1518.645.541.7535.232.5833.481.86
    MNST USMonster Beverage CorpUNITED STATES 31472.9128.8225.5920.3118.537.570.0036.117.7228.2613.42
    FEMSAUBD MMFomento Economico Mexicano SAB de CVMEXICO 31211.7123.1920.2610.609.641.141.9412.792.229.724.08
    GIS USGeneral Mills IncUNITED STATES 30071.2715.9915.2312.8712.391.773.9220.574.0525.4317.92
    HEIO NAHeineken Holding NVNETHERLANDS 29177.8324.2721.59---1.69#????!3.04-18.60
    TSN USTyson Foods IncUNITED STATES 26890.9912.3711.589.098.760.642.1410.041.9015.8523.28
    ABF LNAssociated British Foods PLCBRITAIN 25999.3918.7316.779.959.271.271.8512.622.0411.308.41
    HSY USHershey Co/TheUNITED STATES 25565.4121.5620.5415.0614.623.222.4424.6916.6584.4621.02
    BF/B USBrown-Forman CorpUNITED STATES 24965.5730.8228.8622.9522.057.441.2535.3215.4656.3513.78
    ADM USArcher-Daniels-Midland CoUNITED STATES 23366.9812.1611.288.257.880.353.395.411.119.20-8.79
    HRL USHormel Foods CorpUNITED STATES 21244.9021.8920.5515.2214.422.192.1014.443.4817.52-2.70
    2502 JPAsahi Group Holdings LtdJAPAN 20882.0214.4313.6210.239.881.092.2115.131.7712.862.41
    2503 JPKirin Holdings Co LtdJAPAN 20592.1817.4415.5011.5310.801.172.4912.752.2413.40-2.40
    MKC USMcCormick & Co Inc/MDUNITED STATES 19923.1428.7126.6321.0119.863.671.4721.545.3720.149.95
    K USKellogg CoUNITED STATES 19915.0714.7613.9212.2911.921.464.0017.275.6648.70-14.62
    CARLB DCCarlsberg A/SDENMARK 19418.9822.2020.3010.7410.222.012.2321.712.7212.4320.07