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Daiwa upgrades Tingyi (00322) to HK$16.2
Daiwa Research lifted its target price for Tingyi
Cayman Islands (00322) to HK$16.2 from HK$9.7, and upgraded its rating to "hold" from
"sell".
  The research house is concerned that the structural decline in the instant noodle market
in China will continue, but it expects Tingyi's earnings growth to remain robust in
2018-19 as its operating margin continues to recover.
  Also, Daiwa expects Tingyi to pass on higher packaging and flour price costs through 
price hikes. It now expects the company's EPS growth to slow in 2018-19 but still expand 
at a 19% CAGR over 2017-19.

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