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Research by MIDF
Buy (Maintain) – TP RM0.99

“Continuously Time-Honoured Household Choice"

We remain optimistic about Hup Seng’s FY24F outlook, bolstered by: (1) stable product demand driven by a strong household brand and the advantage of a shift in Malaysian consumer preferences towards local products; (2) a consistent dividend payout exceeding 70% over the past eight years; and (3) a robust net cash position of RM95.7m in FY24F that could safeguards against potential downside risks. We maintain our BUY recommendation on Hup Seng. Hup Seng currently offers a cheap FY25F PER of 11.3x, which is below its 5-year historical average PER of 18.2x.

Analyst:
Genevieve Ng Pei Fen
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$KLSE-HUPSENG
Research by MIDF
Buy (Maintain) – TP RM0.99

“Continuously Time-Honoured Household Choice"

We remain optimistic about Hup Seng’s FY24F outlook, bolstered by: (1) stable product demand driven by a strong household brand and the advantage of a shift in Malaysian consumer preferences towards local products; (2) a consistent dividend payout exceeding 70% over the past eight years; and (3) a robust net cash position of RM95.7m in FY24F that could safeguards against potential downside risks. We maintain our BUY recommendation on Hup Seng. Hup Seng currently offers a cheap FY25F PER of 11.3x, which is below its 5-year historical average PER of 18.2x.

Analyst:
Genevieve Ng Pei Fen
genevieve.ng@midf.com.my

$HUPSENG / 5024 (HUP SENG INDUSTRIES BERHAD)