Top Glove

Re: Top Glove

Postby behappyalways » Sun Nov 05, 2017 8:51 pm

top-glove-signs-sale-and-purchase-acquire-eastern-press-nearly-15-mil
https://www.theedgesingapore.com/top-gl ... rly-15-mil
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Re: Top Glove

Postby winston » Tue Dec 19, 2017 6:50 pm

not vested

Top Glove Q1 earnings surge on record quarterly revenue

By Joseph Chin

The world's largest glove maker announced on Tuesday its earnings rose 43.8% to RM105.44mil from RM73.31mil from a year aog.

Its revenue increased 19.4% to a record RM938.11mil from RM785.58mil a year ago. Earnings per share rose to 8.41 sen from 5.85 sen.

Top Glove said the revenue was 4% higher than the Q4 FY17. Profit before tax increased by 35.9% to RM122mil from a year ago and 23.1% from Q4 FY17.

It said sales volume rose 17% on-year and 8% on-quarter. Nitrile glove sales volume grew the most, compared with a year ago and on-quarter.

“Further contributing to demand was the disruption in vinyl glove supply following China’s strict enforcement against polluting industries which benefited both natural rubber and nitrile glove sales,” it said.

Top Glove said internally, new capacity coming onstream, as well as continuous improvement initiatives in terms of automation, better production lines and cost-saving were also instrumental in contributing to the strong performance.

It said when compared with 4QFY17, the average natural rubber latex price eased 10% to RM5 a kg while the average nitrile latex price was US$1.01 a kg, up marginally by 3%.

However, raw material prices were on the uptrend compared with 1QFY17, with average natural rubber latex and nitrile latex prices higher by 12.1% and 3% respectively.

Source: The Star

https://www.thestar.com.my/business/bus ... y-revenue/
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Re: Top Glove

Postby winston » Wed Dec 20, 2017 8:49 am

Still the top gun

Top Glove (TOPG)’s 1QFY8/18 core net profit of RM101m was above expectations, at 26% of our and consensus’ FY18 estimates.

While revenue rose 19.4% yoy, 1QFY18 core net profit grew 37.7% yoy due to:
i) higher sales volume
ii) better cost efficiencies and
iii) greater economies of scale

TOPG is confident of raising its ASPs further to pass on the impact of the stronger ringgit vs. US$, as well as the upcoming increase in gas prices effective 1 Jan 2018.

The acquisition of Aspion Sdn Bhd for RM1.3bn-1.4bn should be completed by Feb 2018, and turn TOPG into the world’s largest surgical glove producer by capacity.

Maintain Add, with a higher TP of RM7.92, based on 21x CY19 P/E (from 19x).

Source: CIMB

https://brokingrfs.cimb.com/UuXzvBpDNtr ... YAcCg2.pdf
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Re: Top Glove

Postby behappyalways » Fri Jan 12, 2018 10:48 pm

top-glove-acquires-surgical-glove-producer-aspion-434-mil
https://www.theedgesingapore.com/top-gl ... on-434-mil
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Re: Top Glove

Postby behappyalways » Fri Mar 16, 2018 9:06 pm

Top Glove posts 31.2% rise in 2Q earnings to $37 mil on higher sales
https://www.theedgesingapore.com/top-gl ... gher-sales
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Re: Top Glove

Postby behappyalways » Wed Jun 27, 2018 5:23 pm

Top Glove reports 51.4% rise in 3Q earnings to $39.7 mil on higher revenue
https://www.theedgesingapore.com/top-gl ... er-revenue
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Re: Top Glove

Postby winston » Mon Jul 09, 2018 10:08 am

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Material acquisition hits a snag

Potential share overhang; D/G to HOLD

It is unclear at this stage what issues have prompted Top Glove’s legal action against the vendors of Aspion. Stripping out the profit guarantees would affect our FY18-19 EPS forecasts by 8/20% respectively.

We maintain our earnings forecasts and TP of MYR12.90 (30x 2019 PER; 10% discount to our target PER for Hartalega), pending more clarity from the management.

Nevertheless, we downgrade the stock to HOLD (from BUY) given the reduced upside to our fair value and the uncertainties surrounding Aspion.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 4ed151.pdf
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Re: Top Glove

Postby winston » Mon Jul 09, 2018 10:09 am

Top Glove (TOPG MK)
Seeking Legal Recourse After Being Duped

The legal proceedings against Adventa Capital are a negative development as it goes to show there may be something wrong with Aspion and its price tag of RM1.4b could be overly inflated.

For now, in-depth details are scarce and management is rather tight-lipped on the situation. Nevertheless, Top Glove remains the second-priciest proxy to the sector.

Maintain SELL and target price of RM8.40

Source: UOBKH

https://research.uobkayhian.com/content ... 07414edf9d
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Re: Top Glove

Postby winston » Tue Jul 10, 2018 8:58 am

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Value Has Not Fully Emerged

Management shared more details on what and where went wrong with the Aspion deal.

It is perceived to be overvalued and the profit guaranteed by Adventa Capital is unlikely to be met.

After cutting our FY19-20 net profit forecasts by 6-8%, Top Glove is trading at +1SD to its five-year forward PE.

For now, we reckon value has not fully emerged.

Maintain SELL but at a lower target price of RM7.80.

Source: UOBKH

https://research.uobkayhian.com/content ... 6c6de14aab
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Re: Top Glove

Postby winston » Tue Jul 10, 2018 1:49 pm

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PublicInvest maintains trading sell on Top Glove post-analyst briefing

KUALA LUMPUR: The legal action taken by Top Glove Corp Bhd towards the directors and former parent company of Aspion concerns an overstatement of RM74.4mil in assets and an overvaluation of RM640.5mil, said PublicInvest Research.

"The conflicts started from the discovery that Aspion’s balance sheet items was not in accordance to what was reported pre-acquisition in VDR and unrealistic profit target set by Aspion’s directors," said the research house, which had attended an analyst briefing by Top Glove to clarify the issue

PublicInvest also noted that the profit guarantee was no longer valid as Top Glove had taken full control of Aspion.

According to the research house, irregularities in certain balance sheet items of Aspion, especially inventories, plant and machinery was discovered by Top Glove shortly after it took over Aspion post-completion of the sales and purchase agreement.

An independent accounting firm was appointed by Top Glove to investigate the irregularities in Aspion's accounts.

"The overvaluation was derived using the annualised net profit of c.RM40m for FY18 based on Aspion’s actual 7-month performance as it was later found out that Aspion’s profit target of RM80.9m for FY18 and RM108.3m for FY19 were impractical and unachievable under the helm of Aspion’s management after evaluating Aspion’s operations.

"Pegging to a 16.9x PER which was used to derive previous’ acquisition price, it
believes that Aspion was overvalued by RM640.5m or 52% of the paid acquisition price."

PublicInvest also noted that Aspion's two-month net profit contribution to Top Glove post-acquisition was only RM7mil, which was far behind the profit target of RM80.9mil for FY18.

However, it said Top Glove has highlighted there is nothing wrong with Aspion's operations and products and litigation will not impact the business operations, which will continue as usual.

The research house maintained its trading sell call on the stock with a lower target price of RM9.65 from RM10.65.

It believes the stock performance will remain weak given the uncertainties and downside risks of the legal issue, such as risk of impairment, long-drawn litigation process and lawsuit fees.

Source: The Star

https://www.thestar.com.my/business/bus ... Hh8tRYF.99
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