HF Foods: I Don't Buy Wall Street's Bull Case

HF Foods remains a 'Hold' as FY 2026 is projected to mirror FY 2025, with limited catalysts for upside. Significant dilution risk looms from a $100 million ATM program, potentially increasing shares outstanding if fully utilized. Management targets low single-digit revenue and EBITDA growth, with organic expansion and M&A constrained by high leverage (Debt/EBITDA > 4.5x).