Top Glove

Re: Top Glove

Postby winston » Fri Sep 18, 2020 9:34 am

not vested

Top Glove Corporation (ADD, tp:MYR10.00)

- Record high profit thanks to Covid-19

- FY8/20 net profit of RM1.9bn (+403.8% yoy) came in above expectations.

We expect TOPG to continue posting stronger quarterly earnings, driven by higher sales volumes from increased capacity and higher ASPs.

Reiterate Add with a higher TP of RM10.00 (17x CY22 P/E).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... F133910150
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Re: Top Glove

Postby winston » Fri Sep 18, 2020 1:46 pm

RHB Investment Bank projects Top Glove earnings at RM9.46 billion in FY21

We expect earnings to see a significant jump in FY21 but decline in FY22 and FY23. Earnings growth should resume from FY24 due to volume growth with flat ASP".

Its net cash of RM2.3 billion as of end-August enables it to fund its expansion plans and dividend payout.


Source: Bernama

https://www.theedgemarkets.com/article/ ... llion-fy21
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Re: Top Glove

Postby behappyalways » Sat Sep 19, 2020 12:24 pm

Top Glove records best performance in 29-year history, declares final dividend of 8.5 sens
https://www.theedgesingapore.com/capita ... nd-85-sens
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Re: Top Glove

Postby winston » Wed Oct 07, 2020 11:27 am

Top Glove (TOPG MK)
Creating Value Beyond Earnings


Prospects for Top Glove remain highly attractive.

An increased dividend payout frequency would allow for better rationalisation of distributed super-cycle earnings, with the possibility of a special payout in 2HFY21.

Meanwhile, plans to venture upstream would help Top Glove secure precious NBR supply over the longer run.

In the meantime, the lifting of the WRO by the US CBP remains uncertain.

That said, the impact to overall sales is negligible.

Maintain BUY. Target price: RM12.30.

We gathered that contracted nitrile glove ASPs are expected to be raised by 5% mom for November to US$100/’000 pieces.

Meanwhile, spot orders are being priced between US$140-150/’000 pieces heading into 2021.

Latex glove ASPs are raised by 10% mom for November to about US$50/’000 pieces.

The current shortage of nitrile rubber (NBR) has switched demand to latex gloves.


Building its own NBR processing facility; due in 2022.

In view of the tight NBR supply, Top Glove is looking to expand upstream into establishing its own NBR processing plant in Banting, Selangor.

The plant is due for completion over two phases (Phase 1: 1Q22 and Phase 2: 3Q22).

Upon completion, it is due to fulfil 50% of internal NBR requirements. The capex outlay is estimated to be in the region of RM600m.


New Entrants:-

Likely struggle to secure already tight NBR supply – an issue already plaguing existing glove
producers.

Furthermore, it may take up to 1.5 years to complete the glove manufacturing facilities.

Lastly, by 2022, supply arising from new entrants which is estimated at 14.9b pieces p.a. represents 3.1% of global glove demand (485b pieces).


Source: CIMB

https://research.uobkayhian.com/content ... 108dcccd20
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Re: Top Glove

Postby winston » Thu Oct 15, 2020 8:57 am

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Making progress on plans to list in HK

Reuters, a global news provider, reported that its sources indicate that TOPG has hired banks to arrange a Hong Kong listing that can raise US$1bn-2bn.

Yesterday, TOPG made a Bursa announcement indicating that it is evaluating a dual primary listing on Hong Kong’s stock exchange.

Reiterate Add, with unchanged TP of RM10.00 (17x CY22F P/E).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... FD85576356
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Re: Top Glove

Postby winston » Sat Oct 31, 2020 8:06 am

vested

Top Glove recorded its best-ever quarterly net profit at RM1.29 billion in the fourth quarter ended Aug 31, 2020 (4QFY20), which is almost 18 times the RM74.17 million posted last year.

Earnings per share surged to 15.95 sen versus 0.97 sen previously, the group’s filing with the local bourse showed.

Quarterly revenue surged 161.5% to RM3.11 billion from RM1.19 billion in 4QFY19.

For the financial year ended Aug 31, FY20, net profit leapt 412% to RM1.87 billion, from RM364.68 million last year, while revenue expanded 50.7% to RM7.24 billion, from RM4.8 billion.

Source: The Edge
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Re: Top Glove

Postby winston » Mon Nov 02, 2020 9:57 am

vested

Top Glove – BUY

Maintain BUY and target price of RM12.30, based on 13.0 2021F PE or close to -3SD of its
5-year forward PE mean.

We like the stock for its scarcity safe-haven earnings growth that is unrivalled across the
other sectors, more aggressive ASP pricing relative to peers’ and opportune capacity
expansion to capture additional windfall profits in during this period.

Offers compelling dividend yield of 7.7%. There is further upside should Top Glove increase its payout beyond its dividend payout policy of 50%.

Share Price Catalyst

Demand spike for gloves has translated into ASPs surging to unprecedented heights. Lofty
ASPs are expected to be maintained throughout 2021, before assuming a gradual
normalisation over the following two years.

Earnings are expected to grow multi-fold at a 2-year CAGR of 450% (2019-21).

Source: UOBKH
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Re: Top Glove

Postby winston » Mon Nov 02, 2020 10:28 pm

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Top Glove's annual output capacity reaches 90 billion pieces

by Chong Jin Hun

KUALA LUMPUR (Nov 2): Top Glove Corp Bhd said its annual rubber glove production capacity had reached 90 billion pieces as at October 2020 as the Covid-19 pandemic led to robust demand for its products to curb the spread of the outbreak.

Top Glove said in its latest update on its website that its current glove production capacity involves 750 equivalent single former lines across 36 glove factories.

"30% of production capacity is allocated for spot orders,” Top Glove said.

On Oct 8, 2020, it was reported that Top Glove had earmarked RM10 billion for capital expenditure (capex) over the next five financial years, a move which will see the company raising its annual production capacity to surpass 100 billion pieces of gloves as early as the current financial year ending Aug 31, 2021 (FY21) — from 85.5 billion pieces as of September 2020.

Quoting notes in Top Glove’s latest investor presentation then, news reports indicated that the RM10 billion capex allocation for FY21 to FY25 will be invested in several key areas, including new capacities, enhancement of existing manufacturing facilities, Industry 4.0 initiatives, a gamma sterilisation plant, land bank for future expansion, IT (information technology) upgrades and workers’ facilities.

On Bursa Malaysia today, Top Glove’s share price had fallen 40 sen or 4.67% to RM8.17 as at the time of writing, giving it a market capitalisation of about RM66.91 billion.

The stock saw some 11 million shares traded.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ion-pieces
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Re: Top Glove

Postby winston » Mon Nov 16, 2020 10:08 pm

vested

Top Glove closes 7.46% lower as 13,190 workers put under EMCO

by Arjuna Chandran Shankar

The implementation of the EMCO raises concerns about the world’s biggest glove maker’s production at its plants considering that 13,190 workers, against its total workforce of 21,000, will not be allowed to work in the factories.

EMCO will be implemented at some of Top Glove's workers' dormitories in Klang from tomorrow to Nov 30 due to the detection of 215 Covid-19 cases there.


Source: The Edge

https://www.theedgemarkets.com/article/ ... under-emco
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Re: Top Glove

Postby winston » Sat Nov 21, 2020 12:24 pm

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Top Glove Corp Bhd has spent close to RM1 billion, buying back its own shares since September.

The world’s largest glove maker forked out RM69.94 million today to buy 9.58 million shares on the open market — marking its ninth-straight day of buybacks — at between RM7.25 and RM7.35 apiece.

Today’s purchase has now raised the amount it has spent on share buy backs this month to RM629.13 million, after spending RM355 million in September — or a total of RM984.13 million.

Source: The Edge
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