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.
Citigroup Inc., the only major US bank with a significant presence in Lebanon, has relocated some of its staff to Turkey as the conflict between Hezbollah and Israel intensifies. The move comes in response to escalating military clashes, including Israeli air strikes in Beirut, where Citigroup’s office is located.
While Citigroup continues to service its clients in Lebanon, over 20 employees remain in the country. The bank, which prides itself on maintaining operations in volatile markets, took precautionary measures to ensure the safety of its staff, according to sources familiar with the matter.
"The safety and well-being of our people remains our top priority," a Citigroup spokesperson said in an email, adding that the company is closely monitoring the situation and has resources in place to support its employees and their families.
Citigroup has a long history in Lebanon, dating back to the 1950s, although it temporarily withdrew in 1987 due to the civil war. The bank provides a range of corporate and investment-banking services in the country, including trade, lending, and hedging products.
Amid the ongoing violence, Lebanon’s financial sector has also been under scrutiny. The country was recently placed on the global financial watchdog's "gray list" due to its failure to address illicit financial flows, further undermining confidence in its troubled financial system.
Other major US banks like JPMorgan Chase & Co. maintain smaller operations in Lebanon, with its Beirut office serving mainly as a liaison with teams abroad.
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