Financials Hup Seng Industries

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
0.885 ^MYR	+1.14%		+6.63%	+12.74%

Mar. 14	Hup Seng Industries Berhad Announces Resignation of ENCIK RAJA KHAIRUL ANUAR BIN RAJA MOKHTAR as Independent and Non Executive Member of Audit Committee	CI
Mar. 14	Hup Seng Industries Berhad Announces Resignation of Encik Raja Khairul Anuar Bin Raja Mokhtar as Independent and Non Executive Director	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	720	760	700	572	628	708	-	-
Enterprise Value (EV) ¹	720	760	700	572	537.5	612.3	608.3	604.8
P/E ratio	17.3 x	18.8 x	25.7 x	21.9 x	13.9 x	14.8 x	13.4 x	10.8 x
Yield	6.67%	6.32%	4%	4.2%	-	4.8%	5.37%	7.43%
Capitalization / Revenue	2.33 x	2.32 x	2.37 x	1.8 x	1.76 x	1.98 x	1.91 x	1.74 x
EV / Revenue	2.33 x	2.32 x	2.37 x	1.8 x	1.5 x	1.71 x	1.64 x	1.48 x
EV / EBITDA	11.6 x	12.3 x	15.9 x	13.6 x	8.18 x	8.95 x	8.03 x	6.6 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	4.74 x	5.44 x	-	-	-	-	-	-
Nbr of stocks (in thousands)	800,000	800,000	800,000	800,000	800,000	800,000	-	-
Reference price ²	0.9000	0.9500	0.8750	0.7150	0.7850	0.8750	0.8750	0.8750
Announcement Date	2/10/20	2/17/21	2/16/22	2/14/23	2/19/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	309.5	327.3	295.8	318.2	357.3	357.7	370	407.4
EBITDA ¹	62.32	61.82	44.06	42.19	65.7	68.45	75.8	91.6
EBIT ¹	56.14	55.03	37.32	35.47	60.03	70.4	82.3	85.9
Operating Margin	18.14%	16.81%	12.61%	11.15%	16.8%	19.68%	22.24%	21.08%
Earnings before Tax (EBT) ¹	56.12	55.01	37.29	35.44	60.01	63.85	70.55	87.7
Net income ¹	41.53	40.38	27.24	26.08	45.09	47.2	52.2	64.9
Net margin	13.42%	12.34%	9.21%	8.2%	12.62%	13.2%	14.11%	15.93%
EPS ²	0.0519	0.0505	0.0341	0.0326	0.0564	0.0590	0.0655	0.0810
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0600	0.0600	0.0350	0.0300	-	0.0420	0.0470	0.0650
Announcement Date	2/10/20	2/17/21	2/16/22	2/14/23	2/19/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	-	-	-	90.5	95.7	99.7	103
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	26.8%	28.1%	19.5%	18.6%	29.7%	23.6%	22.1%	-
ROA (Net income/ Total Assets)	17.6%	17.4%	12.5%	12.4%	-	-	-	-
Assets ¹	235.3	231.5	218	210	-	-	-	-
Book Value Per Share	0.1900	0.1700	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	16.6	3.84	2.76	-	-	-	-	-
Capex / Sales	5.35%	1.17%	0.93%	-	-	-	-	-
Announcement Date	2/10/20	2/17/21	2/16/22	2/14/23	2/19/24	-	-	-

¹MYR in Million

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.875 MYR

Average target price

1.015 MYR

Spread / Average Target

+16.00%

	1st Jan change	Capi.
HUP SENG INDUSTRIES	+12.74%	149M
EBRO FOODS, S.A.	+2.58%	2.66B
M. DIAS BRANCO S.A. INDÚSTRIA E COMÉRCIO DE ALIMENTOS	-8.15%	2.3B
SAMYANG FOODS CO., LTD.	+59.03%	1.9B
ÜLKER BISKÜVI SANAYI	+65.55%	1.48B
MRS. BECTORS FOOD SPECIALITIES LIMITED	+14.67%	899M
OBA MAKARNACILIK SANAYI VE TICARET	0.00%	621M
KAMEDA SEIKA CO.,LTD.	-4.75%	532M
QINGDAO FOODS CO., LTD.	-25.73%	356M
IWATSUKA CONFECTIONERY CO., LTD.	+2.06%	173M