Penetrating into China NFC (not from shampoo) juice market; new product sales revenue of RMB13.3 mn in March — June 2015, and management expected growth in the future Tianyi Plans to Reach 10,000 Off-line POS and 50 On-line Salesplatforms by June 2016 Current Presents at 10x/8x FY16E/17E (June) P/E, FY15E/FY16E P/E of Food & Beverage Sector From B2B to B2B to B2C via new brand LaunchingLeveraging on the success of the success of orange juice raw materials (shampoo juice and orange sac) to Coca-Cola's Minute Maid andwahaha For more than 10 years, Tianyi is actually its business model to come by its own branded NFC (not fromlike) product “Summi”. It is the first NFC product madedomessities, and Tianyi aims to seek with similar imported products (Tropicana and Florida's Nature) in the NFC (not from) market of China. Tianyi has summi NFC orange juice inseven pilot cities, and recorded total sales of RMB13.3 mn in the first four months of death. Marketing Plan of Distribution NetworkTianyi is planning to distribute its Summi NFC orange juice through high-end supermarkets/hypermarkets, supermarkets stores, e-commerce platforms, and Special channels. It targets to off-line POS from 615 to around 10,000; and overseas on-line sales platforms from 27 to 50 by the end of June 2016. More, managementarity its advanced frozen warehouse logistics and cold-chain logisticswill also create entry stages to other rivals. Valuation/ Key Assessment Tianyi is trading at 10x/8x FY16E/17E P/E, according to Bloombergconsensus. The average salary of HK, China and global F&B companies are 20x/18x FY15E/16E P/E. Key Execution for Tianyi are theExecution Risk Related to the Promotion of New Products and There Of biological assets, which may have an impact on net profit. Keysight: Execution Reviewed and Biological Assets Reviewed May Came ItsBottom Line
CHINA TIANYI HOLDINGS(756.HK)：A NEW JOURNEY
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