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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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McDonald’s Supplier Taylor Farms Recalls Yellow Onions Amid Deadly E. Coli Outbreak

Taylor Farms, a McDonald’s Corp supplier, is recalling batches of yellow onions produced at its Colorado facility due to a deadly E. coli outbreak. While no traces of E. coli have been found yet, the company decided to recall the products as a precautionary measure.

Taylor Farms supplied onions to McDonald’s restaurants that are part of an ongoing multistate health investigation. The recall affects major food distributors, including US Foods Holding Corp and Sysco Corp, which have contacted their customers about the potential contamination. Sysco confirmed that six of its 330 distribution centers were impacted.

McDonald’s is investigating the source of the outbreak, which has led to dozens of illnesses, one death, and 10 hospitalizations across 10 states. The company suspects slivered raw onions used in its Quarter Pounder burgers as the likely source but has not ruled out beef as a possible cause. As a result, McDonald’s has pulled Quarter Pounders from 20% of its US restaurants to contain the outbreak.

The CDC and FDA are still investigating, with concerns that the number of illnesses could increase.

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