S&P Affirms Tingyi (Cayman Islands) Holding's A- Ratings on Solid Market Position

MT Newswires Live09-03

S&P Global Ratings affirmed Tingyi (Cayman Islands) Holding's (HKG:0322) long-term issuer credit rating and the issue rating on its senior unsecured notes at A-, saying it expects the company to retain a dominant position in China's instant noodle and ready-to-drink tea segments.

In a Friday release, S&P said it expects the company's profitability to improve due to better pricing and an enhanced product mix as it revised its EBITDA estimate to 9 billion yuan in 2024 from the previous 7.3 billion yuan.

However, the rating agency changed the assessment of the company's liquidity to adequate from strong due to generous shareholder returns, resulting in a decline in cash on hand.

The rating has a stable outlook, based on S&P's view that the company will observe revenue expansion of between 1% and 3% and a 10% increase in EBITDA margin due to a price increase and better product offerings.

Future rating actions will hinge on significant changes in the company's market position or shifts in its debt-to-EBITDA ratio, S&P said.

Price (HKD): $10.60, Change: $+0.080, Percent Change: +0.76%

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