Top Glove

Re: Top Glove

Postby winston » Fri Jun 12, 2020 10:39 am

not vested

Top Glove (TOPG MK)
3QFY20: Far Exceeds Expectations; The Best Is Yet To Come


3QFY20 earnings soundly exceeded expectations on higher ASPs and inventory destocking.

Visibility continues to improve with lengthening delivery lead times.

ASPs surging mom and increased ad-hoc sales mix which commands far more lucrative margins, should lead to explosive earnings growth.

This should justify the surge in its valuation.

Maintain BUY with a higher target price of RM21.90 (from RM17.50).

https://research.uobkayhian.com/content ... 1e4415daab
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Re: Top Glove

Postby winston » Fri Jun 12, 2020 10:42 am

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Top Glove (TOPG MK)

Share Price: MYR16.70
Target Price: MYR21.90

Recommendation: Buy
Just a warm-up stretch

Strong 3QFY20 net profit beat expectations on the higher operating leverage.

We raise our FY20-22E EPS by 20%/8%/27% as we account for the higher operating leverage.

Consequently, our TP is raised to MYR21.90 (+10%), based on unchanged 23x CY21 P/E (+0.5 SD to mean).

Post-revision, stock trades at CY21 P/E of 18x (below its mean of 19x).

We believe the stock will continue to re-rate on the ASP hikes momentum and COVID-19 second wave. Maintain BUY. TP 21.90

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... ff078e.pdf
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Re: Top Glove

Postby winston » Fri Jun 12, 2020 11:46 am

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Top Glove Corporation (TOPG MK): BUY

Market Cap: US$10,356m | Average Daily Value: US$38.1m
Last Traded Price: RM16.70; Price Target: RM18.45 (Upside 10.5%)


Record quarter; expect stronger 4QFY20

3QFY20 net profit surged on the back of robust volume and ASP growth; sharp improvement at Aspion

Pricing has improved on m-o-m basis in 4QFY20; setting up for another impressive quarter ahead

Order book has extended up to 420 days from 30-40 days prior to outbreak; ramping up expansion plans

Reiterate BUY with TP of RM18.45 on positive earnings outlook

Source: DBS

https://researchwise.dbsvresearch.com/R ... =feidakiia
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Re: Top Glove

Postby behappyalways » Sat Jun 13, 2020 7:56 pm

Top Glove’s earnings all-time high
https://www.youtube.com/watch?v=a6Yq17nl784
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Re: Top Glove

Postby winston » Wed Jun 24, 2020 9:00 am

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TOPGLOV (BUY-RM23.91) has formed a flag breakout following recent rebound from RM14.02 (19 June low).

The stock should attract bargain hunters prior to recovery upside to the RM16.30-17.00-18.00 zones.

Key supports are situated at RM15.00-14.50-14.00.

Source: HLIB
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Re: Top Glove

Postby winston » Thu Jul 16, 2020 2:31 pm

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OTHERS: TOP GLOVE CORPORATION BHD ("TOP GLOVE" OR THE "COMPANY") Clarification on the U.S. Customs and Border Protection Order

Description TOP GLOVE CORPORATION BHD ("TOP GLOVE" OR THE "COMPANY")
Clarification on the U.S. Customs and Border Protection Order

The Board of Directors of Top Glove wishes to confirm that the U.S. Customs and Border Protection (“CBP”) has placed a detention order on disposable gloves manufactured by two of the Company’s subsidiaries, namely Top Glove Sdn Bhd and TG Medical Sdn Bhd on 15 July 2020.

We are reaching out to the CBP through our office in U.S., customers and consultants, to understand the issue better and work towards a speedy resolution of the matter, within an estimated 2 weeks.

There is a possibility this may be related to foreign labour issues, which we have already resolved, save for one more issue with regard to retrospective payment of recruitment fees by our workers to agents prior to January 2019, without our knowledge.

However, Top Glove has already been bearing all recruitment fees since January 2019 when our Zero Recruitment Fee Policy was implemented.

Over the past few months we have been working on this issue which involves extensive tracing, to establish the correct amount to be paid back to our workers, on behalf of the previous agents. We estimate the total amount to be about RM20 million to RM50 million.

We believe it is in the best interests of all parties to come to a solution expeditiously so that our disposal gloves can reach the parties that need it the most, during this COVID-19 time.

The Company will provide updates upon further developments.

This announcement is dated 16 July 2020.

https://www.bursamalaysia.com/market_in ... id=3068983
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Re: Top Glove

Postby winston » Fri Jul 17, 2020 9:12 am

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HLIB Research remains upbeat on Top Glove (BUY-TP RM31.31) as management has hired an experienced consultant to resolve the detention order on disposable gloves matter, targeted within 2-4 weeks.

We are hopeful for this to be resolved as any delays will only further widen the global demand-supply gap for gloves amid Covid-19.

Technically, the stock is expected to witness heavy selling pressure today but we believe any share price weakness presents an opportune time to accumulate.

Key supports are situated near RM19.00-18.50-17.70 whilst resistances are situated at RM22.00-24.00-25.00.

Cut loss at RM17.40.

Source: HLIB
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Re: Top Glove

Postby winston » Tue Jul 21, 2020 2:02 pm

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Top Glove’s fair value could surpass RM110, Affin Hwang says

KUALA LUMPUR (July 21): Affin Hwang Capital Research has maintained its "buy" rating on Top Glove Corp Bhd at RM24.82 with a higher target price of RM46.40 and said it believe that the recent resurgence of Covid-19 will drive average selling prices (ASPs) higher in coming months, as the current shortage looks likely to worsen.

In a note on July 20, the research house said ASPs can continue to increase by at least 5% month-on-month (m-o-m) each month moving into FY21E (as per management guidance) given the recent resurgence of Covid-19 in developed countries, which will drive demand and hence ASPs.

“Based on our estimates, if ASPs were to increase by 8-10% m-o-m each month, our earnings estimates for FY21E will increase by a further 24%-42%.

“Based on a PE multiple of 30 times, the fair value of Top Glove shares would be around RM56.20 to RM63.60.

“However, if we were to base it on 52 times (similar to Hatalega Holdings Bhd valuation), the fair value of Top Glove could surpass RM110, which implies an upside of more than 344% from the current level,” it said.

Affin Hwang said it was raising its earnings forecasts for FY20E-22E by 35%-310%, imputing a higher ASP assumption.

“We are not overly concerned by the detention order issued by the US Customs and Border Protection and expect it to be resolved within the next 2-4 weeks.

“We estimate the impact on earnings for FY20E is around 5-6%. However, if the issue prolongs, Top Glove will have to re-ship it goods to other countries, though it could benefit from higher spot prices.

“Key risks to our call include:
1) intensifying competition from other countries
2) higher volatility in raw material prices and
3) worsening labour issues,” it said.

Source: The Edge

https://www.theedgemarkets.com/node/522616
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Re: Top Glove

Postby winston » Wed Jul 22, 2020 10:39 am

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Our sector analyst viewed the breach of SOP during MCO will minimally affect Top Glove (penalty c. RM1k) and supported by an recent achievement of “A” rating during a social audit by Amfori (leading global business association for open and sustainable trade).

Hence, any pullback in Top Glove (HLIB Research-Buy-TP RM31.31) share price is a good opportunity to accumulate.

Key resistances are RM28.00-RM29.30-RM30.30 whilst supports fall on RM22.60-RM21.60-19.60. Cut loss at RM19.20.

Source: HLIB
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Re: Top Glove

Postby winston » Mon Jul 27, 2020 8:52 am

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Top Glove Corporation (TOPG MK/BUY/Target: RM36.90).

Our target price is raised toRM36.90 from RM21.90, in tandem with our earnings adjustment is based on 16.0x 2021F PE, or -2.0 SD of its 5-year forward PE mean.

We believe valuations should be at a discount to its historical PE mean as:
a) it is being pegged to windfall peak earnings,
b) its upside to earnings are being increasingly factored in, and
c) the risk-to-reward at this juncture is increasingly pronounced given the surge in its share price.

That said, our PE peg is reasonable given Top Glove is an established FBMKLCI component index constituent and its sublime earnings growth.

High spot sales mix may represent further upside surprise to our earnings. These translate into a 2-year CAGR of 313% (FY19-21F). Furthermore, its explosive qoq earnings growth over the subsequent 2-3 quarters should catalyse its valuations going forward.

Source: UOBKH
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