China's instant noodle maker Tingyi falls on earnings miss

Recupero Etico Sostenibile SpA

27/03/2024 03:20

** Shares of instant noodle and beverage maker Tingyi
(Cayman Islands) Holding Corp  0322.HK  fall 6.8% to HK$8.22,
their lowest since Feb 27, and on course for third straight
session of decline
    ** Stock marks the biggest one-day pct drop since March 28,
2023 
    ** Tingyi says its 2023 net profit up 18.4% YoY to 3.12 bln
yuan ($431.6 mln) with revenue up 2.2% to 80.4 bln yuan 
    ** Jefferies, with "buy" rating on the stock, says Tingyi's
2H23 net profit was lower than the market's estimates and the
brokerage believes that there was weaker demand from blue collar
workers with factories closed
    ** Hang Seng Consumption Index  .HSCGSI  edges up 0.1%,
while Hang Seng Commerce & Industry Index  .HSNC  slips 0.7% and
Hang Seng Index  .HSI  eases 0.6%
    ** Stock down 8.9% YTD  


($1 = 7.2283 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))