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aws账号( downside pressure on Hup Seng



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TA Securities Research said the current headwinds are not expected to materially derail the group’s growth trajectory.

KUALA LUMPUR: Following health and safety concerns expressed by the Hong Kong Consumer Council (HKCC) over Hup Seng Industries Bhd’s crackers, there is expected to be downside pressure on the group’s share price in the short term, says TA Securities Research.

However, TA Securities Research said the current headwinds are not expected to materially derail the group’s growth trajectory.

Conversely, it expects any further decline below 87 sen a share to be an attractive accumulation opportunity for long-term dividend seeking investors.

In its latest report, TA Securities said Hup Seng has reiterated that its crackers manufactured and marketed in Malaysia are fit for human consumption and the group is extending its cooperation to the authorities in their investigation.

It added that Hup Seng holds Hazard Analysis Crticial Control Point and Good Manufacturing Practice certifications through Malaysia’s Health Ministry.

It also said that HKCC published a study on cookies and pastries back in early 2019 with similar concerns raised over their impact on health and safety.

“Although we do not have full clarity over the follow-through events after the 2019 research finding, there was no available news on the Internet stating that all the cookies and pastries were withdrawn from market shelf following the 2019 research, and sales of cookies alongside pastries are still available in Hong Kong today.

“Furthermore, some of the other food products which were previously reported to contain carcinogenic components also include crispy snacks, dried spices, infant formula, canned fish, margarine and cooking oil,” it said.

The research house noted that Hup Seng has a healthy net cash position of RM58mil as of second quarter (Q2) of financial year 2021 (FY21) and projects a distribution of five sen and six sen per share in FY22 and FY23, respectively.

It maintained its “sell” call on Hup Seng at this juncture with an unchanged target price of 98 sen a share.



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