Analysts remain positive on Top Glove, deems it 'undervalued at current prices'
by Felicia Tan
CGS-CIMB has maintained it's “add” recommendation albeit with a lower target price of RM8.90 ($2.93) from RM10 previously.
“We cut our target price to RM8.90, based on 16x CY2022 price-to-earnings (P/E), -0.5 standard deviation (s.d.) of its 5-year mean (previously 17x P/E)”.
“The lower P/E is to account for ongoing concerns on ESG-related issues, particularly related to its foreign workers.
“We gather that TOPG has already commenced operations at seven plants, with plans to recommence operations at seven plants a week for the next three weeks”.
Source: The Edge
https://www.theedgesingapore.com/capita ... rketreport