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00322
TINGYI
HKD
11.9500.170
(1.44%)
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News
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2.0
01-06aastocks<BofAS Analysis> Ratings and Target Prices for Chinese Consumers (Table)
Stock Performance: Various companies listed, including H World Group and Pop Mart, showed positive stock movements, with H World-S increasing by 3.96% and Pop Mart by 2.04%.
Short Selling Data: Notable short selling activity was reported for Pop Mart and Wancheng Group, with ratios of 26.286% and 21.972%, respectively, indicating significant market speculation against these stocks.
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6.5
01-06aastocksBofAS Expects Continued Short-Term Pressure on China's Consumption Fundamentals; Recommends Growth and Yield Stocks Such as HWORLD
China's Consumption Downturn: BofA Securities reports that China's consumption downturn has lasted nearly four years, aligning with historical trends, but the future remains uncertain due to ongoing pressures from employment, consumer confidence, and lack of stimulus policies.
Impact on Stock Prices: Despite the consumption challenges, BofA Securities believes that share prices may not be as negatively impacted, although they have lowered EPS forecasts for 15 Chinese consumer stocks and reduced their average target price.
Investment Recommendations: BofA Securities has initiated coverage on WANCHEN GROUP and identified top picks for 2026 that combine growth and yield, including HWORLD-S, POP MART, and YUM CHINA, among others.
Sector Ratings: The latest ratings and target prices for the consumer sector have been updated, with a focus on stocks that exhibit growth potential and high dividend yields amidst changing market conditions.
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6.0
01-05aastocksDaiwa Lowers MIXUE GROUP (02097.HK) Rating to Hold and Reduces Price Target to $427
Downgrade and Valuation Changes: Daiwa downgraded MIXUE GROUP from Outperform to Hold, reducing its target price from $535 to $427 and lowering the projected 2026 PE ratio from 28x to 22x due to concerns over future earnings growth and the validation of its overseas market expansion.
Sales Growth and Market Expectations: Despite a resilient same-store sales growth post-subsidy wave, Daiwa believes the market may have overly high expectations for MIXUE GROUP's second growth engine, which is yet to be proven.
Market Positioning and Innovation Limitations: Daiwa noted that MIXUE GROUP's mass market positioning restricts its product innovation and pricing flexibility compared to mid-tier competitors like GUMING and Luckin Coffee.
Business Model Comparison: The report likened MIXUE GROUP's business model and long-term advantages to TINGYI, highlighting its strong franchisee network and supply chain benefits, particularly in lower-tier cities.
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6.5
2025-12-31aastocks<JPM/Jefferies> Recommended Hong Kong Stocks (Table)
JPMorgan's Top Picks: JPMorgan's research report highlights its top Chinese stock picks for Q1 2026, including BIDU-SW and PDD Holdings, with varying short selling ratios across the listed stocks.
Jefferies' Focus Stocks: Jefferies also released a report featuring its focus stocks among H-/A-shares, with notable mentions like TENCENT and CATL, alongside their respective short selling data.
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5.0
2025-12-18aastocksTINGYI Names Wei Hong-Chen, Brother of Chairman, as CEO Starting January 2026
CEO Retirement Announcement: TINGYI's CEO Chen Yinjang has decided to retire and will not renew his service contract, which is set to expire on December 31, 2025.
New CEO Appointment: Wei Hong-Chen, the younger brother of chairman Wei Hong-Ming, has been appointed as the new CEO of TINGYI, effective January 1, 2026, and will also continue as an executive director.
Money Flow
Over the past 66 trading days, overall net money flow is 62.86M, with retail investors contributing 4.53M and major investors adding 56.62M.
Net Buy $ Volume
Net Sell $ Volume
BofA Securities
BofA Securities
downgrade
$427
2026-01-06
New
Reason
The analyst rating from BofA Securities is influenced by the ongoing downturn in China's consumption, which has lasted nearly four years. The report highlights that historical downturn cycles have averaged four years, and while the broker cannot predict if this pattern will continue, it notes that fundamental factors such as employment, consumer confidence, corporate spending, real estate issues, and a lack of strong consumption stimulus policies are likely to keep pressure on the market in the short term. Despite this, BofA Securities believes that share prices may not be as adversely affected as the fundamentals suggest. Consequently, they have lowered EPS forecasts for 15 Chinese consumer stocks and reduced their average target price, while also initiating coverage on WANCHEN GROUP with a "Buy" rating, indicating a selective optimism in certain stocks that combine growth and yield potential amidst changing market conditions.
BofA Securities
Price Target
$427
2026-01-06
downgrade
New
The analyst rating from BofA Securities is influenced by the ongoing downturn in China's consumption, which has lasted nearly four years. The report highlights that historical downturn cycles have averaged four years, and while the broker cannot predict if this pattern will continue, it notes that fundamental factors such as employment, consumer confidence, corporate spending, real estate issues, and a lack of strong consumption stimulus policies are likely to keep pressure on the market in the short term. Despite this, BofA Securities believes that share prices may not be as adversely affected as the fundamentals suggest. Consequently, they have lowered EPS forecasts for 15 Chinese consumer stocks and reduced their average target price, while also initiating coverage on WANCHEN GROUP with a "Buy" rating, indicating a selective optimism in certain stocks that combine growth and yield potential amidst changing market conditions.
Daiwa
Daiwa
Outperform -> Hold
downgrade
$535 -> $427
2026-01-05
New
Reason
The analyst rating for MIXUE GROUP was downgraded from Outperform to Hold due to several factors highlighted in the Daiwa research report. The primary reasons include:
1. Potential Downward Valuation Reassessment: The company is facing a potential reassessment of its valuation, influenced by a slowdown in future earnings growth.
2. Unvalidated Growth Engine: The second growth engine, which includes the overseas market and the Lucky Cup initiative, has yet to be validated, raising concerns about its effectiveness.
3. High Market Expectations: The broker believes that the market may have overly high expectations for this second growth engine.
4. Limited Product Innovation and Pricing Flexibility: MIXUE GROUP's mass market positioning restricts its ability to innovate products and adjust pricing compared to mid-tier competitors.
5. Valuation Adjustments: Daiwa lowered its valuation basis from a projected 2026 PE ratio of 28x to 22x and reduced the target price from $535 to $427.
Despite some resilience in same-store sales growth and potential support from network expansion, these concerns led to the downgrade in rating.
Daiwa
Outperform -> Hold
Price Target
$535 -> $427
2026-01-05
downgrade
New
The analyst rating for MIXUE GROUP was downgraded from Outperform to Hold due to several factors highlighted in the Daiwa research report. The primary reasons include:
1. Potential Downward Valuation Reassessment: The company is facing a potential reassessment of its valuation, influenced by a slowdown in future earnings growth.
2. Unvalidated Growth Engine: The second growth engine, which includes the overseas market and the Lucky Cup initiative, has yet to be validated, raising concerns about its effectiveness.
3. High Market Expectations: The broker believes that the market may have overly high expectations for this second growth engine.
4. Limited Product Innovation and Pricing Flexibility: MIXUE GROUP's mass market positioning restricts its ability to innovate products and adjust pricing compared to mid-tier competitors.
5. Valuation Adjustments: Daiwa lowered its valuation basis from a projected 2026 PE ratio of 28x to 22x and reduced the target price from $535 to $427.
Despite some resilience in same-store sales growth and potential support from network expansion, these concerns led to the downgrade in rating.
JPMorgan
upgrade
2025-10-13
Reason
The analyst rating from JPMorgan reflects a strategic shift in response to increasing geopolitical risks stemming from heightened US-China tensions. The firm upgraded the consumer staples sector to Overweight while downgrading the discretionary and healthcare sectors to Equalweight. This decision is based on the anticipation of a "de-risking" phase, where investors are advised to move away from crowded growth stocks towards less crowded quality laggards in the consumer sector. The report highlights concerns over high thresholds for US-China trade negotiations, potential downside pressure on earnings estimates for the CSI 300 Index, and the stabilization of US treasury yields limiting equity risk premium easing. Overall, JPMorgan sees opportunities to increase exposure to China and suggests a rotation back to growth stocks as key events unfold in the coming weeks.
JPMorgan
Price Target
2025-10-13
upgrade
The analyst rating from JPMorgan reflects a strategic shift in response to increasing geopolitical risks stemming from heightened US-China tensions. The firm upgraded the consumer staples sector to Overweight while downgrading the discretionary and healthcare sectors to Equalweight. This decision is based on the anticipation of a "de-risking" phase, where investors are advised to move away from crowded growth stocks towards less crowded quality laggards in the consumer sector. The report highlights concerns over high thresholds for US-China trade negotiations, potential downside pressure on earnings estimates for the CSI 300 Index, and the stabilization of US treasury yields limiting equity risk premium easing. Overall, JPMorgan sees opportunities to increase exposure to China and suggests a rotation back to growth stocks as key events unfold in the coming weeks.
DBS
maintain
2025-08-19
Reason
DBS
Price Target
2025-08-19
maintain
HSBC Global Research
HSBC Global Research
Buy
to
Hold
downgrade
2025-08-15
Reason
The analyst rating for TINGYI (00322.HK) was downgraded from Buy to Hold by HSBC Global Research due to several factors. The recent pullback in TINGYI's share price was attributed to intensified competition in the beverage sector and subsidies from food delivery platforms. Although the company's net profit showed growth, the outlook for its beverage market share is expected to face pressure over the next two years due to the entry of new competitors. Additionally, HSBC cut its target price for TINGYI, reflecting concerns about future performance despite the company's dividend yield being above the industry average.
HSBC Global Research
Buy
to
Hold
Price Target
2025-08-15
downgrade
The analyst rating for TINGYI (00322.HK) was downgraded from Buy to Hold by HSBC Global Research due to several factors. The recent pullback in TINGYI's share price was attributed to intensified competition in the beverage sector and subsidies from food delivery platforms. Although the company's net profit showed growth, the outlook for its beverage market share is expected to face pressure over the next two years due to the entry of new competitors. Additionally, HSBC cut its target price for TINGYI, reflecting concerns about future performance despite the company's dividend yield being above the industry average.
DBS Group Research
DBS Group Research
Buy
maintain
2025-08-14
Reason
DBS Group Research maintained a "Buy" rating for TINGYI (00322.HK) despite lowering its 2025/2026 revenue forecasts by 4%. The rationale behind this rating includes an increase in the gross margin forecast by over 1 percentage point, particularly in the ready-to-drink beverage segment, and an expectation of 7% core profit growth in 2H25, supported by cost control measures. Additionally, the broker anticipates a compound annual growth rate (CAGR) of 10% from 2024 to 2026. The earnings forecasts for 2025 and 2026 were raised by 5% and 1%, respectively, due to increased other income. However, the target price was adjusted down from $14.6 to $14.1, reflecting a target forecast price-to-earnings (PE) ratio of 17x.
DBS Group Research
Buy
Price Target
2025-08-14
maintain
DBS Group Research maintained a "Buy" rating for TINGYI (00322.HK) despite lowering its 2025/2026 revenue forecasts by 4%. The rationale behind this rating includes an increase in the gross margin forecast by over 1 percentage point, particularly in the ready-to-drink beverage segment, and an expectation of 7% core profit growth in 2H25, supported by cost control measures. Additionally, the broker anticipates a compound annual growth rate (CAGR) of 10% from 2024 to 2026. The earnings forecasts for 2025 and 2026 were raised by 5% and 1%, respectively, due to increased other income. However, the target price was adjusted down from $14.6 to $14.1, reflecting a target forecast price-to-earnings (PE) ratio of 17x.
CLSA
CLSA
Overweight
to
Hold
downgrade
2025-08-13
Reason
CLSA
Overweight
to
Hold
Price Target
2025-08-13
downgrade
Goldman Sachs
Goldman Sachs
Buy
downgrade
2025-08-13
Reason
The analyst rating for TINGYI (00322.HK) remains a Buy despite a reduction in the target price from HKD 14.6 to HKD 13.8. This decision is based on the management's updated guidance, which indicates that while full-year sales are expected to remain flat to low-single-digit growth, recurring net profit is anticipated to maintain double-digit growth, with a 12% increase recorded in the first half of 2025. Additionally, there are positive expectations for the instant noodle segment and carbonated drinks, which contribute to the overall positive outlook for the company.
Goldman Sachs
Buy
Price Target
2025-08-13
downgrade
The analyst rating for TINGYI (00322.HK) remains a Buy despite a reduction in the target price from HKD 14.6 to HKD 13.8. This decision is based on the management's updated guidance, which indicates that while full-year sales are expected to remain flat to low-single-digit growth, recurring net profit is anticipated to maintain double-digit growth, with a 12% increase recorded in the first half of 2025. Additionally, there are positive expectations for the instant noodle segment and carbonated drinks, which contribute to the overall positive outlook for the company.
China Merchants Securities
Neutral -> Overweight
upgrade
2025-08-13
Reason
China Merchants Securities upgraded TINGYI's rating from Neutral to Overweight due to several positive changes since the previous downgrade. Key factors influencing this decision included more resilient-than-expected profit margins, clearer sales recovery trends anticipated in the second half of 2025, and a favorable raw material cost environment. Additionally, the target price for TINGYI was slightly increased from HKD13.5 to HKD13.6.
China Merchants Securities
Neutral -> Overweight
Price Target
2025-08-13
upgrade
China Merchants Securities upgraded TINGYI's rating from Neutral to Overweight due to several positive changes since the previous downgrade. Key factors influencing this decision included more resilient-than-expected profit margins, clearer sales recovery trends anticipated in the second half of 2025, and a favorable raw material cost environment. Additionally, the target price for TINGYI was slightly increased from HKD13.5 to HKD13.6.
BOCI
maintain
$13.8
2025-08-12
Reason
BOCI
Price Target
$13.8
2025-08-12
maintain
Valuation Metrics
Forward PE
5Y Average PE
16.69
Current PE
13.62
Overvalued PE
20.18
Undervalued PE
13.20
Forward EV/EBITDA
5Y Average EV/EBITDA
7.18
Current EV/EBITDA
6.27
Overvalued EV/EBITDA
8.29
Undervalued EV/EBITDA
6.08
Forward PS
5Y Average PS
0.77
Current PS
0.73
Overvalued PS
0.89
Undervalued PS
0.64
Financials
Annual
Quarterly
N/A
Total Revenue
N/A
Operating Profit
N/A
EPS - Diluted
N/A
Free Cash Flow
N/A
Gross Profit Margin - %
N/A
Net Margin - %
Trading Trends
Daily
Monthly
No data
Short Selling
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