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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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HUP SENG'S 4TH QUARTER'S NET PROFIT JUMPED 22%

Hup Seng's net profit jumped 22%


Hup Seng Industries Bhd was in our "Stock Pick" early this year.

We have been monitoring the company for its strong historical earnings and financial track record.

While the share price had come down slightly from the day we wrote the post, we believe the stock is a good pick for a long term investment given the management's track record and a rather decent dividend yield.

Anyway, today, Hup Seng released its 4th quarter earnings and the net profit of the company jumped 22% to RM15.39 million or 1.92 sen a share for the fourth quarter ended Dec 31, 2015 (4QFY15) from RM12.6 million or 1.57 sen a share a year ago, mainly due to improved sales margin brought about by lower input costs, weaker ringgit and improved efficiency in production.

Its revenue for 4QFY15 also increased by 8.72% to RM80.07 million versus RM73.65 million in the previous year, as benign growth in demand for biscuits in local and export market mainly contributed to increase in sales volume.

For FY15, the group's net profit surged 43.47% to RM54.73 million or 6.84 sen a share from RM38.15 million or 4.77 sen a share in FY14, while revenue also went up 9.4% at RM286.86 million compared to RM262.22 million last year.

The group said cream crackers continued to be the strong performer in terms of growth for the group during the year. Other than the improved margin, the increase in sales volume also contributed to the improvement in profit for FY15.

Going forward, the group said that it would continue to identify business or investment opportunities for expansion to enhance shareholders' value amid tougher market conditions in 2016.
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