CMB International Securities: If signs of stabilization in industry competition appear, the rating for China Unicom (00220) may be upgraded to "hold".

According to the Zhixin Financial APP, CMB International Securities released a research report stating that Tingyi Holding Corp. (00220) had basically flat third-quarter revenue. Although gross profit margin benefited from the decrease in raw material costs and the upgrade of instant noodles to high-end products, weak revenue and weakened operating leverage dragged down overall performance. Based on a updated 2026 PE ratio of 14.5 times, the target price was lowered by 15% from HK$9.9 to HK$8.4, and a "Neutral" rating was maintained.