摩根大通 顶益（开曼群岛）控股公司研究报告 100323.pdfVIP

Asia Pacific Equity Research 23 March 2010 Tingyi (Cayman Islands) Holding ▼Underweight Corp Previous: Neutral 0322.HK, 322 HK Price: HK$19.62 First sign of margin erosion in 4Q09, downgrade to ▼Price Target: HK$16.50 UW Previous: HK$17.40 • Operating profit disappointed: Tingyi announced US$383MM net China profit, up 47% y/y, 1% below our and 2% below Bloomberg consensus Food Food Manufacture estimates. While headline net profit seems generally in line, gross and Ebru Sener KurumluAC operating profit was 3% and 6% below our estimates, respectively, due (852) 2800-8521 to y/y decline in noodles gross margin in 4Q09. Net profit was helped ebru.sener@ by lower-than-expected interest expense and minority share. J.P. Morgan Securities (Asia Pacific) Limited • Gross margin expansion lost its steam: Noodles gross margin was