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Leong Hup International Bhd – 21st May 21

Leong Hup International Bhd’s (LHI) 1QFY21 net profit climbed 222.8% YoY to RM70.3m, primarily resulted from favorable average selling price (ASP) and sales volume of day-old-chicks (DOC) and broiler chickens in Indonesia and Philippines which led to better revenue and margin, coupled with the increase in ASP of broiler chickens in Malaysia, as well as emerging contribution from downstream business focus in the business-to-consumer channel since June 2020. Revenue for the quarter improved 16.9% YoY to RM1.68bn. First interim dividend of 0.66 sen per share was declared for 1QFY21.

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Mirroring regional weakness

Tracking the performance in the regional markets, the FBM KLCI registered its 7th
straight session of decline as investors’ sentiment remained sour; foreign funds
turned net seller for the second session (net selling of RM120.8m). Given the
negative Wall Street overnight, we believe market may perform a knee jerk selling
at the opening bell and bargain hunting activities may emerge once the selling
pressure is overdone. In the meantime, government’s discussion on possibility of
allowing interstate tourism which may be seen as a mode for gradual economic
recovery might be one of the few catalysts to cushion the downside risk for the
near term. Meanwhile, both the CPO and crude oil prices extended their retreat.

technical focus

Technical Focus – VS

One of the leading integrated Electronics Manufacturing Services (EMS) providers in the region, supported by multinational customers from Europe, Japan and US. Newly built 413,682-sqf production plant at i-Park Senai Airport City will cater for several new product models. Compelling prospects, riding onto the increasing adoption of emerging technologies in the Industrial Internet of Things (IIoT) and enhanced communication posed by 5G. Technically, price has experienced a short-term breakout above RM1.47, targeting the next resistances at RM1.55-1.60 with long term target at RM1.75.

market pulse

Dour trend still on horizon

The FBM KLCI finished the week lower last Friday, as foreign funds turned into net
seller; the net selling stood at RM72.6m, snapping the 4 days of inflow by the
foreign funds. However, the local bourse may see bargain hunting activities
emerging on the back of declining daily Covid-19 confirmed cases, while waiting
for Malaysia’s inflation rate that will be released this Friday. Meanwhile, both the
CPO and crude oil price declined, while Baltic Exchange Dry Index rose to 4,275, its
record high since 2009.

macquarie structured warrants 20200914

HSI warrants take on centre stage last week

The warrants market witnessed an overall lower trading activity last week partly due to the shorter trading week as Bursa Malaysia was shut on Thursday in conjunction with the Malaysia Day holiday. The total warrants turnover for the week came in at RM237.8mil versus RM268.9mil in the previous week

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