Tuesday, December 29, 2015

HUPSENG 合成工业 (5024)













Company background

 合成创设于1958年，如今已经成为家喻户晓且优质饼干生产商的代名词。今天，它不仅累积了许多杰出成就，更是其中一个占据我国饼干生产商领导地位的公司。

 该公司由4名郭氏兄弟创办，至今已有50年历史，目前郭氏兄弟仍积极参与业务。
http://www.nanyang.com/node/279043 May.2010 - FY2010

 合成工业有限公司(HUPSENG,5024) 成立于1958年 ，于2000年11月上市 。
公司主要业务为生产及贸易饼干和即溶饮料 ，公司旗下最著名的产品为乒乓较较饼(Cream Cracker)。
本地市场占了85%，其他则出口到40多个国家 。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=28 #554
有些人凭着一份热忱或信念，坚信一门企业有潜力在某朝一日成为一门价值数百万营业额的生意而创业。但这信念能否变成事实是要靠远见，独到的眼光，甚至运气而定。话虽如此，没有什么比谨慎理财和尊重周遭的社会比这两个原则更为重要了。在1950年末，始于柔佛峇株巴辖Parit Linau Kecil, Bukit Pasir 的一个本地品牌就做到了这一点。郭家四兄弟和另一位合作伙伴决定一起以1千500另吉的资金合伙做生意，以面包车到各个城镇卖糕点和饼干。
1957年， 他们合作成立了“合成“饼家，并于次年在柔佛峇株巴辖租了1,500平方尺的店面，开始为饼干公司展开“研发”的工作，因此造就了当今国内最持久的品牌之一。这就是当今被称为合成食品工业(马来西亚)有限公司（HPSM）当初的一个奠基石。据该公司的主席-拿督斯里郭洙镇表示，该公司早期在一个共有100多户马来家庭和仅有七户华人的村庄开始营业，该结构影响了该公司日后的运作和成长。该公司于1974年正式成为HPSM，并扩大其饼干生产设施。“我们尊重马来文化, 我们的饼干从第一天开始就是“清真”的食品。“他承认在开斋节所尝到的各种马来年糕影响了该公司在1964年时决定自制饼干的食谱。“我们通过测试不同分量的面粉、糖、棕榈油等成分开始制造我们首批的奶油饼干。然后将其出售给杂货店，由杂货店零售于消费者，”他说。
该公司随后于1958推出乒乓較較餅，赢得了马来西亚人的喜爱。其名的由来是因为中国在当年成为乒乓球世界冠军的缘故。
HPSM 的创办主要是为了生产饼干而成立，如今是上市公司Hup Seng Industries Bhd 的一部份。 Hup Seng Industries于2000年上市， 并以郭洙镇72岁的弟弟拿督郭洙国为首。“合成”的意思是“团结就是成功”，反映了公司如何继续在漫漫长路上历经挑战，茁壮成长。今天，郭家两代 与专业人士肩并肩努力寻找新的食谱、销售、物流、包装和公司运营的其他方面的发展。
前农业及农基工业副部长拿督斯里郭洙镇补充说，该公司面临好几次的金融动荡。其中包括在80年代初建立在柔佛Tongkang Pecah一个5英亩的工厂所需的高资本。调试周期和所花费的时间为厂家开始产生营收的时间比预期的更长。该公司在没有新的收入之下还要继续支付贷款的利息。供应商因为该公司面临种种的问题而回避他们，当时的情景可谓”雪上加霜“。他的爷爷在1929年至1931年为购买土地并投资于柔佛州峇株巴辖种植园的基础设施而负债，让他们学会了重大的教训。“当时，我的祖父因无法偿还债务，再加上物价的 崩溃，大部分的土地最终在1930年代的经济大萧条时期被拍卖了。我们了解到，有些时候努力工作与成功没有关系。反而是远见扮演更重要的角色。”然而， 在1985年至1987年戴，历史又重演。他表示，在物价崩溃的当儿， 该公司因负债累累而几乎撑不下去。财政出现困难是因为无法获得足够的现金来偿还公司所欠下的贷款。“为了解救当时的情况，我们采取的第一个步骤是进行资本重组。这包括出售我们的个人资产，如种植园、汽车、房子和其它资产， 把资金注入公司，以减少我们的债务。其次是将所有收益均拨回公司，直到公司的资产负债在1990年左右变零为止。”
好读的郭洙镇说，他也从汽车制造商丰田汽车公司受到了启发。该日本公司在1950年的经济衰退下，不得不解雇员工，经历过此事后， 他们储蓄了600亿美元l的现金储备。这启发了他如何用在其国内经营方面。1997年亚洲金融风暴来袭时，合成 已经吸取了教训，并拥有2000万令吉的现金储备。该公司甚至因为能够以现金支付货物，而从供应商处获得折扣。如今，公司在峇株巴辖Kawasan Perindustrian Tongkang Pecah  占地8英亩面积的工厂操作，拥有约1900员工。据报道，去年收入是2亿6千200万令吉。拿督斯里郭洙镇说， 自从他在2006年离开了政治生涯后，其公司已运用资讯系统 的辅助来指导决策过程。“这导致更好的成本效率及每项讨论都将基于相同的财务数据，能避免个人利益影响业务。”
Business operation




HUPSENG has been a household name synonymous with quality biscuit manufacturing. It is one of Malaysia's leading biscuit manufacturers with many accumulated outstanding achievements. Through continuous upgrading, its products have been honoured with numerous awards worldwide, marking important milestones for the company's history. With an international market coverage that spans Asia, Africa, Oceania, Europe and North America, Hup Seng's products have captured the hearts of consumers, young and old in many corners of the world.
HUPSENG has three reportable operating segments as follows:

I. The biscuit manufacturing segment is in the business of manufacture and sales of biscuits.
II. The beverage manufacturing segment is in the business of manufacture and wholesale of coffee mix and all kinds of foodstuff. 
III. The trading division segment is in the business of sales and distribution of biscuits, confectionery and other foodstuff. 

 (Kenanga research August2015 - FY2015)

合成的业务经营方式非常简单及直接。除了生产及销售其自创品牌的饼干外，合成也是特定品牌的唯一分销商，其中值得一提的是“3合1超级混合咖啡”、“王三阳”中国茶及本地饮料品牌“In-Comix”。

 此外，该公司进军的国际市场涵盖亚洲、非洲、大洋洲、欧洲及北美洲。它的产品轻易虏获消费者芳心，成功吸引全球各个角落无论老少客户的青睐。

目前，合成在马来亚半岛拥有逾1万家客户销售站，以支持本地产品的销售。除了国内市场，该公司也将其产品出口国外，横跨亚洲、欧洲、美国、非洲及中亚国家等40个国家。

 在过去6至7年，合成冲出马来西亚而成功进军亚洲、美国、欧洲和非洲市场，这是它提升净利的部份策略。合成在40多个国家获得市场良好反应，出口收入占2009财政年的总收入的约28%。出口盈利赚幅较国内销售稍微更佳。
http://www.nanyang.com/node/279043 May.2010 - FY2010

 Biscuit manufacturing remains the major earnings contributor to Hup Seng, accounting for 65% of its net profit; while trading of biscuits, confectionery and other foodstuff accounts for about 34% and its beverage segment contributed only about 1% of earnings.
In general, Hup Seng’s business remains very much focused on the domestic market, which accounts for 85% of its sales, while overseas sales contribute about 15% of the group’s top line.
At present, Hup Seng exports to (20 countries?), mainly to Southeast Asia, with Singapore, Indonesia, Thailand and Myanmar being the major ones.

 Products

 合成旗下家庭品牌包括“乒乓”及“Kerk”品牌。合成生产的饼干种类共多达80种，包括奶油饼干、饼干、玛丽饼干（Marrie biscuits）、曲奇饼、不加糖、杂锦、加糖及奶油夹心饼干。

http://www.nanyang.com/node/279043 May.2010 - FY2010
Notably, cream crackers have been the main product of Hup Seng since its founding in the late 1950s by four brothers in the Kerk family. Based on current turnover, the Batu Pahat-based company is estimated to control one third of the cream-cracker market share in Malaysia. 
According to Kerk, Hup Seng’s turnover for cream crackers over the years has been growing at a rate of 2%-4% annually in tandem with Malaysia’s annual population growth of 1%-2%. “It is a very mature product in a very mature market, and because it is such a mature industry, there is only so much room for the cream cracker business to grow,” Kerk concedes. Hup Seng is therefore putting its bets on a new product, that is, oat cookies. “We realise we will come to a ‘plateau’ unless we do new things to generate growth,” Kerk says, noting that the group’s oat cookies under the Naturelle brand will be the new future that the company wants to set. 
“We are building a new brand, and new concept and image from scratch at we are doing it at a reasonable pace so that we do not put too much pressure on ourselves and the people working for us,” she adds. Kerk reveals that a lot of consideration has been put into developing the oat cookies, as Hup Seng wants its new product to be free of preservatives and artificial colouring and flavouring that are commonly used in food production. The ultimate aim, she says, is to have a product with “imported quality with local price”.









http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=30 #587

 Production lines

 Cost/Pricing

http://www.nasdaq.com/markets/sugar.aspx?timeframe=10y

http://www.nasdaq.com/markets/wheat.aspx?timeframe=10y


http://www.quotenet.com/commodities/palm-oil-price

饼干的主要原料为面粉、糖及加工棕油，这占了其生产成本的30%-35%，而主要包装原料如饼干包装机、罐子及纸盒则占了成本的另外15%-20%。
http://www.nanyang.com/node/279043 May.2010 - FY2010

 Separately, he said the local biscuit-making industry was facing its “toughest time” with hike in prices of raw materials and power tariff. Keh said the prices of wheat flour, milk, palm oil extract, fuel, sugar and packaging materials had experienced double or triple-fold increase in recent years.
http://www.thestar.com.my/business/business-news/2014/02/21/hup-seng-plans-to-build-plant-in-indonesia/?style=biz Feb.2014 - FY2014

 News/Growth/Strategy
Biscuit maker Hup Seng Industries Bhd will churn out new products aimed at teenagers, young adults and professionals within the next couple of years.
Chairman Keh (Kerk) Chu Koh said the company had identified the three target groups as offering good market prospects although women were the ones who normally bought biscuits for their households.
Keh said biscuits were no longer considered poor men’s food and consumers now wanted something different from the plain-looking and ordinary tasting biscuits they had been used to for many years. He said new products would include flavoured biscuits with chocolate chips, different types of nuts, dried fruits or even vegetables.


Keh said apart from flavours and shapes, packaging was another aspect that Hup Seng would look into as consumers preferred their biscuits in attractive but practical packages. “Most of these people are busy and always on the go so they would rather have their biscuits in small packets than having to store them in a big container,” he said. Handy-sized packaging would allow them to keep the biscuits in their cars, handbags, briefcases and office desks for easy reach any time of the day, he added.
http://www.thestar.com.my/business/business-news/2010/05/19/hup-seng-plans-more-bite-with-new-products/?style=biz May2010 - FY2010

Biscuit maker Hup Seng Industries Bhd will focus on building and strengthening its in-house brand of beverages, In-Comix, in the local market.

Chairman Keh (Kerk) Chu Koh said it would step up research and development (R&D) activities to churn out more products for consumers. Keh said new products would include instant beverages in 2-in-1 sachets with focus on new 3-in-1 coffee and instant coffee concoctions.
He said demand for 3-in-1 coffee and instant coffee in Malaysia had grown positively over the years as more people were drinking them. “Consumers want convenience and beverages such as coffee and tea in 2-in-1 or 3-in-1 sachets are the answer to that,’’ said Keh.
However, despite being ranked third in terms of market share for instant coffee in the country, In-Comix was still not well-known and the company would have to work harder to raise brand awareness, said Keh.
“We are focusing on the domestic market which we regard as more important compared with the export market that’s fraught with greater uncertainty,” he added.
Hup Seng had in 2005 acquired the Senai-based In-Comix Food Industries Sdn Bhd for RM22mil as part of its strategy to add synergy to its biscuit-making business. Apart from instant beverages in 2-in-1 sachets, 3-in-1 coffee and tea, In-Comix Food also produces instant cup noodles and cereals in sachets.
“Malaysians can be considered loyalists when it comes to drinking tea or coffee and most of them will usually stick to certain brands if they already like the taste,’’ said Keh.
Meanwhile, he said the local biscuit-making industry faced its toughest time now with prices of raw materials and fuel on the uptrend. Keh said biscuit makers had to contend with sugar price hike and they expect fuel and crude palm oil prices to also increase in the coming months.He said the rising petroleum prices in the global market would create a chain reaction where prices of other things such as packaging materials and transportation would also escalate.
Manufacturers also had difficulty hiring locals to work and would still have to depend on foreign labour, he said. “We hope the relevant authorities will look into the matter and help us (manufacturers). We want to hire locals but where are these people?’’ he said.
管理层将通过更诱人的包装，以进军售价更高的饼干市场，这将使它在竞争激烈的营运环境中，拥有更好的成长前景。
http://www.nanyang.com/node/279043 May.2010 - FY2010

 Hup Seng Industries Bhd’s net profit rose 12% year-on-year (y-o-y) to RM7.8 million in the third quarter ended Sept 30, 2013, from RM6.9 million a year ago. Revenue also increased 3% y-o-y to RM59 million from RM57 million.

 For the nine-month period, the firm posted profit of RM27 million, from RM24 million, while revenue raked in RM184.7 million against RM184.6 million in the previous corresponding period.

 Hup Seng said the higher revenue constituted greater local market demand for biscuits, which mainly contributed to the positive growth in sales. Hup Seng said its surge in earnings came mainly on cumulative effects of lower material input cost (Soft CPO prices) and optimal utilisation of existing new operational facilities.
https://sg.finance.yahoo.com/news/hup-seng-3q-profit-rises-112004051.html Nov.2013 - FY2013

 Biscuit maker Hup Seng Industries Bhd plans to set up a manufacturing plant in Indonesia within the next two to three years as part of its expansion plan.

Chairman Datuk Keh (Kerk) Chu Koh said it had received business proposals from several Indonesian companies and businessmen to set up operations in the republic. He said among the proposals were from medium-sized biscuit and confectionery manufacturers that lacked capital to expand their business. “Others include big investors with strong financial support but do not have experience in biscuit making,” Keh told StarBiz after the company’s EGM on Tuesday. “Apart from the right partner, we will also have to consider other factors such as the location of the plant, power supply and infrastructure,’’ said Keh.
He said if the company were to invest in Indonesia, it would materialise only after 2015, when the Asean Economic Community (AEC) kicked off. “Indonesia has a huge domestic market and having a strong footing there will definitely help to improve our earnings in the long term,’’ added Keh.
Separately, he said the local biscuit-making industry was facing its “toughest time” with hike in prices of raw materials and power tariff. Keh said the prices of wheat flour, milk, palm oil extract, fuel, sugar and packaging materials had experienced double or triple-fold increase in recent years. 
He said local biscuit makers were thus forced to either increase the price of their products or reduce the size of their finished products. “Many will opt for the latter as most customers would not be aware that the biscuit size had been reduced but will notice any price increase,’’ said Keh.
Food company Hup Seng Industries Bhd ( Financial Dashboard)’s made a net profit of RM12.6 million in the fourth quarter of its financial year ended Dec 31, 2104 (4QFY14), up 34.76% from RM9.35 million in the previous corresponding period.

Hup Seng (fundamental: 3; valuation: 1.3) attributed the growth in earnings to increased domestic and export sales on the back of robust growth in demand for its Cream Crackers.
In its report, Hup Seng Industries noted that unlike the preceding quarter where festive seasons slackened its domestic demand, a significant increase in Cream Crackers sales in 4QFY14 contributed to higher sales volume.
http://www2.theedgemarkets.com/my/article/hup-seng%E2%80%99s-4q-profit-347-cream-crackers-robust-sale?type=Corporate Feb.2015 - FY2014
肯納格表示，合成工業淨利取得逾30%成長令人側目，相比其他食品飲料股平均12.8%；而3年平均股本回酬達23.4%，大約是大馬中小資本同儕的12.3%的一倍。
“預測2015財政年資本開銷低，去年剛剛斥資840萬令吉購置新烤爐。"
肯納格說，自2014年第四季至2015年首季的6個月，其銷售增長10.3%，馬幣走疲推動強勁出口，國內需求亦強勁。“消費情緒低迷，也間接促使消費人轉向小件食品，該公司2015年第三季將推出燕麥餅乾“Naturell”以提振需求。”

公司营运改善，制作生产、採购、物流之效率都有进步，预计公司利润将继续提高 。
值得留意的是，从2014年第4季开始，营业额就开始有RM7千万以上，而过去几年里的净盈利增幅都不大，但是这首半年的盈利增幅就明显地表示公司有了新的开始。
集团提到，最近有报告指出全球的原产品价格，很难在下半年回弹，因此集团下半年的获利前景仍乐观
会通过产品创新和多元化，扩大产品组合，扶持集团增长。
因为消费情绪低迷，促使消费人转向小件食品，公司已在第三季推出燕麦饼乾“Naturell”以提振需求 。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=28 #323
WITH the strong US dollar and soft commodity prices working in its favour, Hup Seng Industries Bhd is certainly looking to end 2015 on a strong note.But the biscuit and confectionery manufacturer is cognisant of the uncertainties lying ahead, and it is, therefore, not putting high hopes on being able to carry the momentum into next year.
“We don’t want to paint a robust or rosy growth picture because we are a very conservative company,” Hup Seng executive director Kerk Chian Tung says.
“While 2015 has been good, we remain cautious about 2016 because the effect of the two ‘external factors’ driving the company’s growth this year could well dissipate,” she tells StarBizWeek.
For much of 2015, it is noted that Hup Seng has been able to enjoy high profit margins, averaging around 18%, and strong earnings growth due mainly to what the company regards as the two external factors that are beyond its control. These are the prevailing soft prices of crude palm oil (CPO), which have helped lower the company’s production costs, and the appreciation of the US dollar against the ringgit, which has helped boost foreign exchange (forex) gains.
In preparation for the worst-case scenario, Hup Seng is assuming a rebound in CPO prices next year to around RM2,800 per tonne from the current levels of less than RM2,400 per tonne, and a weaker US dollar, with the exchange rate conservatively estimated at RM3.80 per US dollar, compared with the current levels of around RM4.20 against the greenback.
With these assumptions, Kerk says, Hup Seng’s profit margin is expected to return to the normal level of around 13%.
On a positive note, she points out, the company will continue to work on improving operational efficiencies, reduce wastage and cut redundancies to support the group’s bottom line.
“This is an ongoing effort one can never run out of things on which to improve,” Kerk says.
http://www.thestar.com.my/business/business-news/2015/12/05/charting-hup-sengs-growth/?style=biz December.2015 - FY2016
Hup Seng is currently looking at expanding its factory in Batu Pahat, Johor, which is already fully packed with ovens, to accommodate a new production line.
On the new production line, which could cost around RM26mil, Kerk says, the group has yet to finalise on whether the line is going to be for cracker or cookie production. “That will depend on which is the more pressing issue,” she says.

Management
较低原料成本和销量增加，带动合成工业（HUPSENG，5024，主板消费产品股）截至3月31日首季，净利按年增长38.41%。今日，集团宣布首季净赚1322万9000令吉，或每股盈利1.65仙，胜于去年同期的955万8000令吉或1.19仙。至于营业额则从6445万令吉，按年提高10.33%，至7110万6000令吉，归功于国内和出口市场对饼干的需求增加。

合成工业预计，今年将会充满挑战，且保持谨慎。不过，会通过产品创新和多元化，扩大产品组合，扶持集团增长。

國內最大餅乾生產商之一的合成工業（HUPSENG，5024，主要板消費），因財務穩定、現金儲備充沛，曾獲多方獻購，但合成工業直言，公司大股東現階段無意售股，料繼續由家族傳承業務。

合成工業執行董事郭千彤（譯音）回應財經週刊《Focus Malaysia》提問時說，公司的控制權股東，以及創辦人不打算脫售脫售股權。

她說：“目前有數個單位，有意收購公司部份和全數股權。但大股東不大可能脫售股權。相反的，我們歡迎夥伴。 ”

郭氏家族掌控的HSB集團私人有限公司，持有合成工業51%股權。

身為合成工業主席拿督郭渚國侄女的郭千彤指出；“公司向來由家族成員經營，目前由第2代家族經營事業。同時，第3代家族成員早在二三十歲已加入公司。”

 拿督斯里郭洙镇是前马来西亚国际贸易和工业部副部长，1941年生于柔佛州巴辖。毕业于吉隆坡语言学院，后去新加坡大学深造，获法律文凭。曾任教师十年。1982年加入民政党，1990年任副工程部长。1995年4月全国大选后被任命为国际贸易和工业部副部长。郭洙镇已婚，对中文造诣较深，熟悉中国传统和文化，对《三国演义》有过深入系统的研究

“We don’t want to paint a robust or rosy growth picture because we are a very conservative company,” Hup Seng executive director Kerk Chian Tung says.
“While 2015 has been good, we remain cautious about 2016 because the effect of the two ‘external factors’ (Weak Ringgit & Soft commodities price) driving the company’s growth this year could well dissipate,” she tells StarBizWeek.
“We do not get overly joyful over those two external factors even though they have been good news for us because we are mindful that what goes up, will come down,” Kerk says. “So, we are preparing ourselves for any eventuality; so that when the unfavourable do happen, we will know how to respond accordingly,” she adds.
http://www.thestar.com.my/business/business-news/2015/12/05/charting-hup-sengs-growth/?style=biz December.2015 - FY2015
“Expansion and growth planning is a very slow and painful journey for us, but it is always a very exciting process,” Kerk reckons. 
“But if we don’t set a trend, we won’t be able to set an example... we hope our project will succeed, so that we can build a case study for the future generation to have a point of reference,” she explains.
Hup Seng is now being run by the second generation of the Kerk founding family, while the third generation is gradually being groomed to eventually take over.

“We are asked very often why we keep so much cash, and not invest it... the thing is, we are very careful in investing, as we’ve had bad experience before,” Kerk says, noting that Hup Seng’s past investments in expensive machineries took too long to break even and see returns. “That is not the way we would like to work, and that’s certainly not the way that could translate into a healthy profit margin for the company,” she explains.

Having learnt some tough lessons about three decades ago, when Hup Seng almost went bankrupt, Kerk says, it is the policy of the company now to staying clear of investing on borrowed money. “Therefore having cash is important for us... it gives us internally generated funds when we want to expand,” she explains.

 Customers

 Keh said Malaysia remained the company’s main market, accounting for 70% of its production while Asian countries were its major export destinations.
http://www.thestar.com.my/business/business-news/2010/05/19/hup-seng-plans-more-bite-with-new-products/?style=biz May2010 - FY2010

Competitors

Borrowings
Hup Seng has been diligent in building up its cash pile since the 1990s. As at Sept 30, 2015, the company’s cash and cash equivalents totalled RM112.5mil, up from RM82.6mil as at end-September last year.

 Shareholdings

 目前大股东持有超过55%，但令人鼓舞的是根据最新的基金持股数据，发现了几家基金公司开始买入股份包括著名的 EASTSPRING 基金。http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=28 #323
















Dividend

 Corporate exercise

 合成工业于2000年11月上市。它在今年1月进行股票拆细活动，以将每股面值从1令吉的普通股拆细为每股50仙的普通股，因此，它最新的缴足资本为1亿2000万股。
http://www.nanyang.com/node/279043 May.2010 - FY2012
MULTIPLE PROPOSALS HUP SENG INDUSTRIES BERHAD (“HUP SENG” OR THE “COMPANY”) (I)   PROPOSED SHARE SPLIT;  (II)  PROPOSED BONUS ISSUE; AND (III) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1125445 Nov.2013 - FY2013

 Bear case

Bull case

 整体而言，合成拥有4200万令吉的强稳净现金及比同侪高9%的赚幅，它取得的赚幅更高达到17%，这使到它更能从容的承受潜在性投入成本增高、需求较预期疲弱及更高促销开支的所带来的压力。
http://www.nanyang.com/node/279043 May.2010 - FY2010

 未来推动股价的潜在动能：
1. 公司现金流强劲，有望提高派息率，过去几年的派息率在 61% 至 161% 之间
2. 马币贬值导致出口需求增加
3. 奏效的价格促销策略持续发酵
4. 预计原料成本价格将继续走低
5. 公司利润赚幅不断提高
6. 净盈利和业绩皆创下历史新高
7. 新产品贡献
8. 新生产线贡献(耗资RM840万,于2014年年底添购)
9. 经济不好反而刺激了饼干的销量
10. 股份流通量改善，更多基金将开始买入

 如果和其他的消费股比较，HUPSENG是非常卓越的，无负债、手持1亿现金、超过30%的毛利润和连续3年的股本回报(ROE) 都在20以上，而且还开始出现了显著的成长。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=28 #323

Share price

 合成工業（HUPSENG，5024，主要板消費）昨日宣布系列企業活動，包括分拆股票，及派發紅股等，推高該股今日一飛衝天，飆漲91仙至報6.40令吉，創下歷史新高紀錄。
合成工業今日在利好消息推動下高漲，開盤即漲51仙，以6令吉迎戰馬股。隨后該股持續飆高，漲91仙或16%，報6.40令吉，刷新歷史記錄。休市時，該股收窄漲幅至65仙，掛6.14令吉，半日易手20萬5300股。
截至下午4點半，該股報6.16令吉，漲67仙，成交量33萬4000股，為十大上升股之一。
合成工業昨日向馬證交所報備，公司董事局建議將目前每股面值50仙股票，分拆為5股面值10仙股票，除權日等相關細節，公司之后會在做宣佈。在股票分拆后，該公司將派發2億股面值10仙紅股給股東，股東每持有3現有股，便可獲得1紅股。合成工業指出，這項股票分拆提案並不會直接影響公司市值，但預計公司股價會因此調整。該股股價近來持續走高，在過去3個月內，股價平均達到5令吉。公司認為，分拆股票可進一步提高股票流量，吸引更多股東持有公司股票。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=12 #234 Nov.2013 - FY2013

 Financial highlights

http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1839&extra=&highlight=hupseng&page=30 #590

 自从2000年上市以来，公司管理层已经将公司转为我国饼干行业中的佼佼者。因此，合成的净利和股东基金由2000财政年的1400万令吉和9400万令吉，持续成长至2009财政年的4200万令吉和1亿4100万令吉。

 值得一提的是，它所宣布派发的股息， 已经由2000财政年的每股4仙增加至2010财政年每股14仙。

 此外，在2004至2009财政年期间，它从营运中取得的净现金流动总额为平均每年1500万令吉。该公司在2004至2009财政年期间，也已经耗资3300万令吉在资本开销方面。

 合成的本益比、净利赚幅、周息率、净现金等，将比同侪更好。在1.52令吉水平，合成是在2009财政年6.8倍本益比（行业：8倍）水平交易，它还拥有4200万令吉净现金、吸引人的9.2%周息率（行业：3.7%） 、强稳的17%净利赚幅（行业：9%）的支持。

 尽管2009财政年的营运经历最严峻的考验、以及面对国际市场的竞争，但该公司在这一财政年的表现却最佳，它的净利和股息在这个时候是上市以来最高的。尽管受到2009年的经济衰退影响，使到它的营业额下跌3%至2亿1300万令吉，不过，它的净利却跃升82%至2700万令吉，这主要是归功于它的原料投入成本更低以及成本回收计划的贡献。
http://www.nanyang.com/node/279043 May.2010 - FY2010

 Hup Seng yesterday announced an 18% drop in net profit to RM6.1mil for the first quarter ended March 31 due to lower sales volume. Its revenue slipped 5.4% year-on-year to RM51.2mil, it told Bursa Malaysia.

For the financial year ended Dec 31 (FY09), it recorded net profit of RM26.9mil on revenue of RM213.4mil compared with RM16.1mil and RM220.3mil respectively in FY08.
http://www.thestar.com.my/business/business-news/2010/05/19/hup-seng-plans-more-bite-with-new-products/?style=biz May2010 - FY2010

 合成工业有限公司（HUPSENG，5024，消费产品组）公布，在截至2012年3月31日止第1财季，一共取得801万8000令吉的净利，较去年同期的654万6000令吉为多。在税前盈利方面，按年从879万2000令吉扬升至1075万6000令吉。

该集团致函大马交易所说，今次毛利之所以上涨，主要是由于原料成本较低和削减成本计划提升对集团的贡献。至于营业额则获得6179万4000令吉，较前期的5867万2000令吉增加5%。

 它称，国内市场对饼干的需求较高是集团销量增加的主要因素。
May2012 - FY2012

 受惠于饼干需求拉高销售额，合成工业（HUPSENG，5024，主板消费产品股）截至2013年12月31日财年末季，净利按年增10.87%至935万2000令吉。公司同时宣布，派发每股8仙股息。合成工业末季净利报935万2000令吉（相等于每股盈利7.79仙），较上财年同期的843万5000令吉增10.87%。当季营业额报6669万2000令吉，上财年同期是6314万4000令吉，按年增5.62%。

 合计全年，合成工业净利是3674万5000令吉（相等于每股30.62仙），比上财年3254万1000令吉增13%；营业额则为2亿5140万7000令吉，上财年同期是2亿4781万8000令吉，按年增1.45%。合成工业全年共派发了23仙股息，较上财年同期的30仙低
http://www.nanyang.com/node/600628?tid=462 Feb.2014 - FY2013
原料与营运成本高企，导致合成工业（HUPSENG，5024，主板消费产品股）截至今年6月杪次季净利，按年滑落9%，至974万令吉，或每股盈利1.22仙。
上财年同季净利为1070万6000令吉，或每股盈利1.34仙。
奶油饼干的强劲表现，带动本地与出口销售走高，并把现财年次季营业额，按年推高3.2%，至6825万4000令吉，上财年同期报6612万6000令吉。
累积首半年，净利按年降低1.6%，至1929万8000令吉，上财年同期为1961万令吉。
营业额则从上财年同期的1亿2599万9000令吉，按年增长5.3%，至1亿3270万4000令吉。
该公司指出，尽管营业额上扬，但成本压力已经导致赚幅受到侵蚀。

合成工業（HUPSENG，5024，主要板消費）本財年截至9月底，第3季營業額按年下滑5%至5586萬8000令吉，淨利下挫20%至625萬令吉。儘管業績下滑，但該公司宣布每股派發1.5仙股息。

合成工業今日發佈最新業績時指出，從本財年次季開始，公司主要客戶需求減少，以致公司銷售額受到影響。營業額下滑，加上原料成本提高，拖累公司整體賺幅，淨利也因此受累走跌。該公司本財年首3個季度營業額按年微跌2%至1億8857萬令吉，淨利下滑7%，錄得2555萬令吉。


较低原料成本和销量增加，带动合成工业（HUPSENG，5024，主板消费产品股）截至3月31日首季，净利按年增长38.41%。今日，集团宣布首季净赚1322万9000令吉，或每股盈利1.65仙，胜于去年同期的955万8000令吉或1.19仙。至于营业额则从6445万令吉，按年提高10.33%，至7110万6000令吉，归功于国内和出口市场对饼干的需求增加。



合成工业预计，今年将会充满挑战，且保持谨慎。

不过，会通过产品创新和多元化，扩大产品组合，扶持集团增长。




令吉疲软、较低原料成本和价格促销策略奏效，带动合成工业（HUPSENG，5024，主板消费产品股）截至6月30日次季，净利按年大涨49.38%。
集团宣布次季净赚1455万令吉，或每股净利1.82仙，胜于去年同期的974万令吉或1.22仙。
营业额则从6825万4000令吉，按年增长4.37%，至7124万令吉，归功于本地和出口市场对饼干的需求增加，刺激销售。

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