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Soochow Securities: CSI SW food & beverage index significantly reduced its position, with valuation falling into high dividend camp.
Hold positions for csi sws food & beverage index actively managed equity funds in Q2 24 have dropped to a new low since 2018.
Hong Kong stocks anomalous movement | Tingyi (00322) surged by more than 3%, leading the beverage stocks. Institutions said that the demand for csi sws food & beverage index is limited to fluctuations and high dividends continue to benefit the stock price
Beverage stocks are rising collectively. As of press time, Tingyi (00322) rose 3.28% to HKD 9.76; U-Presid China (00220) rose 1.71% to HKD 6.56; Nongfu Spring (09633) rose 1.63% to HKD 34.3.
Soochow Securities: The food and beverage sector is in a stage of low-to-medium-speed transformation, and the rebound of the sector is waiting for the clearance of the business performance risk of listed companies or the reversal of demand expectations.
The current valuation of the food and beverage sector is relatively low, primarily due to concerns about future cash flow and profit downgrades. Short-term market pessimism has had an impact on the sector, and the sector's rebound is awaiting clarification of listed company performance risks, or a reversal of demand expectations, the latter depending on proactive fiscal and monetary policies at the macro level or verification of seasonal sales at the middle level.
Has Tingyi (Cayman Islands) Holding Corp.'s (HKG:322) Impressive Stock Performance Got Anything to Do With Its Fundamentals?
Zhongtai Securities: Pre-cooked food may become the sub-sector with the greatest growth space in the food industry.
Zhongtai Securities released a research report stating that pre-cooked food has the potential to go through the cycle, comparable to Japan. Looking forward 20-30 years, pre-cooked food may become the largest sub-sector of food growth space.
[Brokerage Focus] gtja initiates a "shareholding" rating for tingyi, expects new consumer trends to drive industry expansion.
Guotai Junan released a research report stating that Tingyi (00322) maintains high shareholder returns for the long term, with a long-term dividend rate of 100% or more and a current dividend yield of 6%. The company has a multi-category layout with large orders of billions of dollars, and has a leading position and strong brand pricing power. The new consumer trend drives industry expansion, and instant noodles are steadily growing while diversified drinks are driving growth. The bank predicts that the CAGR of instant noodle business revenue will be in the low single digits from 2024 to 2025, while the CAGR of beverage business revenue will be in the mid-single digits. Core drivers: 1) The trend of short-distance travel drives the expansion of the beverage market; 2) Instant noodles become a high cost-effective substitute for dining and takeout.
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