Phillip bluntly stated that it is confident about the prospects of China Tianyi (00756-HK), which engages in the frozen juice business, and reiterated that Tianyi's target price for the next 12 months is 2 yuan, and that it will maintain a “buy” rating. Phillip Securities published a report stating that although Tianyi's financial results for the fiscal year ending June this year were slightly lower than the company's expectations, profit margins remained at a high level. It also pointed out that Tianyi's capital expenses declined, which contributed to an improvement in the company's financial situation, and its debt ratio fell from 41% to 33.1%. Phillip also pointed out that Tianyi has begun a transformation, including focusing on promoting non-concentrated orange juice using Sumi as a high-end brand, while also increasing the construction of e-commerce networks. The bank pointed out that in the fiscal year ending June 2015, non-concentrated orange juice from Sumimei accounted for 2.8% of the company's overall revenue, and it is expected that the share of revenue from Sumimei non-concentrated orange juice will increase.