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Hup Seng's Stock Soars on Record Profits and Special Dividend Announcement

Hup Seng Industries Bhd's (KL ) shares surged after the company reported record quarterly profits and announced a special dividend. The biscuit maker's stock rose 9.1% to RM1.20 at its peak before settling at RM1.16, valuing the company at RM928 million with 1.7 million shares traded by 9:15 am. BIMB Securities upgraded Hup Seng to a “buy” with a target price of RM1.36, following stronger-than-expected quarterly results. The firm cited Hup Seng’s enhanced production capabilities and solid market positioning as key growth drivers. Earnings projections for FY2024F, FY2025F, and FY2026F were raised by 26.9%, 28.4%, and 30.1%, respectively, driven by an anticipated rise in sales from increased production and market reach. Festive season demand is expected to further boost sales momentum, BIMB noted. However, they cautioned about potential margin pressures due to rising palm oil costs.
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China's CATL Unveils New Battery for Extended-Range Hybrids, Expanding in Fastest-Growing Segment



Chinese battery giant CATL launched its first battery specifically designed for extended-range hybrids (EREVs) on Thursday, capitalizing on the fastest-growing segment in the electrified vehicle market. The new battery, called Freevoy, is the world's first hybrid battery with a range exceeding 400km (249 miles), according to Gao Huan, Chief Technology Officer for CATL’s electric vehicle business in China.

The Freevoy battery is already being used by several Chinese EV brands, including Li Auto, and will soon be installed in models from Geely and Chery. In total, nearly 30 hybrid models are expected to feature the Freevoy battery.

EREVs feature larger battery packs than typical hybrids and can run solely on electricity, with a gasoline engine acting as a power source to recharge the batteries when they run low. These vehicles offer longer ranges than full EVs and are often priced lower than traditional gasoline cars, making them increasingly popular among Chinese consumers.

EREV sales have more than doubled in the first nine months of 2024 compared to the same period in 2023, driven by the launch of new models from brands like Leapmotor and Li Auto.

The Freevoy battery also features sodium-ion and lithium-ion technology to ensure reliable performance even in extreme cold temperatures, according to Gao. CATL's advancements come as the company strengthens its market leadership amid an ongoing price war in the EV sector. CATL increased its market share by 3.1 percentage points in the first nine months of the year, solidifying its dominance over competitors like BYD and CALB.

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