Top Glove

Re: Top Glove

Postby winston » Wed Jun 19, 2019 9:10 am

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Top Glove (TOPG MK)
3QFY19: Below Expectations; Prospects To Improve


Core profit of RM75m in 3QFY19 came in below expectations.

The spike in latex prices had a steeper-than-expected impact to margins.

We expect the cost pass-through mechanism’s lagged effect and stabilised latex prices to translate into better margins in 4QFY19.

In China, operations continued to be affected by normalising supply.

Maintain HOLD with a lower target price of RM4.60 (from RM4.70). Entry price: RM4.20.

Source: UOBKH

https://research.uobkayhian.com/content ... 8443c155e4
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Re: Top Glove

Postby winston » Wed Jun 19, 2019 9:19 am

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Quarterly earnings may have bottomed

9MFY8/19 net profit of RM290.5m was below expectations, at 65.4% of our and 63.2% of consensus full-year estimates.

The shortfall in 3QFY19 results was owing to:
i) a sharp spike in latex prices,
ii) intensified pricing competition and
iii) higher depreciation charges.

Maintain Add, with a higher TP of RM5.20 (26x CY20F P/E).

Source: CIMB

https://brokingrfs.cimb.com/Yo3uKqQlwDv ... lX9kg2.pdf
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Re: Top Glove

Postby winston » Mon Oct 07, 2019 9:02 am

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Top Glove (TOPG MK)
Share Price: MYR4.48
Target Price: MYR4.30
Recommendation: Hold

Trying to maintain grip

We believe the earnings recovery is priced in and maintain estimates and HOLD rating post management analyst briefing.

We forecast a 20% QoQ increase in 1QFY8/20 net profit driven by higher sales volume and profit margins for latex gloves due to eased competition.

Maintain HOLD and TP of MYR4.30 based on an unchanged 26x P/E on CY20F (10% discount to our target P/E for Hartalega).

Our preferred pick is Kossan (KRI MK, MYR4.19, BUY, TP MYR5.10) for its exposure to the non-medical segment. :P

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... cd4d81.pdf
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Re: Top Glove

Postby winston » Mon Oct 07, 2019 9:31 am

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Top Glove (TOPG MK)
A Bit Stretched For Now


We came away from Top Glove’s briefing feeling mixed about its immediate future prospects.

Latex gloves are expected to face sluggish fortunes with a competitor expanding aggressively over the near term.

Aspion is increasingly profitable and Top Glove’s automation efforts are coming to fruition.

Meanwhile, Top Glove may not be a clear cut beneficiary from the trade diversion with its lower sales mix to North America.

Maintain HOLD.
Target price: RM4.50.
Entry price: RM4.10.

Source: UOBKH

https://research.uobkayhian.com/content ... 29a5eb0ad1
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Re: Top Glove

Postby winston » Fri Nov 15, 2019 3:29 pm

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Affin Hwang Capital upgrades Top Glove, raises target price to RM5.20

KUALA LUMPUR (Nov 15): Affin Hwang Capital Research has upgraded Top Glove Corp Bhd to “Buy” at RM4.50 with a higher target price of RM5.20 (from RM4.10) and said it is expecting better quarters ahead for the sector and Top Glove, due to improving demand for Malaysian rubber gloves.

In a note today, the research house said since the US has already started to impose a 15% tariff on gloves from China, buying patterns should start to normalise, as distributors were stocking up on China gloves in anticipation of the tariff hike.

“Medical gloves imported from China into the US has risen by 45% YTD (Sep) with a 14% market share,” it said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... rice-rm520
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Re: Top Glove

Postby behappyalways » Tue Dec 17, 2019 6:05 pm

Top Glove posts 1.2% rise in 1Q earnings to $36.4 mil
https://www.theedgesingapore.com/capita ... gs-364-mil
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Re: Top Glove

Postby winston » Wed Dec 18, 2019 9:14 am

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Top Glove (TOPG MK)

Share Price: MYR4.66
Target Price: MYR4.75
Recommendation: Hold

Increasing nitrile exposure

Results were above expectations due to low tax rate.

Sequential earnings could be slightly lower due to the rising latex cost.

We raise our FY20-22E EPS by 10-13%, mainly to impute for the lower tax.

Consequently, our TP is raised to MYR4.75 (+11%), on an unchanged 26x CY20F P/E (10% discount to our target P/E for Hartalega. Maintain HOLD.

Our preferred pick is Kossan (KRI MK, MYR4.11, BUY, TP MYR4.85) for its exposure to the non-medical segment and undemanding CY20E P/E of 22x.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 98392c.pdf
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Re: Top Glove

Postby winston » Wed Dec 18, 2019 4:41 pm

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Top Glove rises 3.22% on 1Q earnings, positive outlook

by Surin Murugiah

KUALA LUMPUR (Dec 18): Shares in Top Glove Corp Bhd rose 3.22% this morning after the glove maker’s first quarter ended Nov 30, 2019 (1QFY20) saw net profit grow marginally by 1.2% to RM111.43 million or 4.36 sen per share, from RM110.06 million last year or 4.31 sen per share, following a greater contribution from the nitrile glove segment.

Quarterly revenue fell 4.2% to RM1.21 billion from RM1.26 billion, following lower average selling prices and raw material prices.

Meanwhile, Affin Hwang Capital Research has maintained its “Buy” rating on Top Glove at RM4.66 with a higher target price (TP) of RM5.40 (from RM5.20).

Top Glove reported a decent set of numbers: 1QFY20 core-PATAMI of RM111.4 million (+39.2% q-o-q; +1.2% y-o-y) is slightly ahead of house but within consensus estimates, delivering 26% and 22% of the respective forecasts.

In a note today, the research house said the improvement in earnings can be attributed to the higher sales volume and the recovery in margin, as competition in the latex segment has eased.

“We are expecting stronger quarters ahead, with new capacity expected to start contributing in 2HFY20.

“Reiterate Buy and raise our TP to RM5.40,” it said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ve-outlook
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Re: Top Glove

Postby winston » Wed Jun 03, 2020 11:53 am

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Topglove

Both Maybank and Macquarie give a target price of RM 20.00 for Topglov for FY 2021.

Topglove listed in SGX closed at SGD 6.35 today.
Assuming 1 SGD = RM 3.07, Topglov listed in SGX closed at RM 19.50 today.

I believe the target price of Topglov listed in KLSE at RM 20.00 is achievable. The reasons I revised up the target price

The price increase example is obtained from Supermx's analyst briefing note.

Before COVID-19, the price of gloves was USD 90, and the selling price of OEM was about USD 25.

The profit margin of the manufacturer is about 9%-13%.

Today, the price of gloves has reached USD 150, of which the manufacturer's Selling Price increased to USD 110.

The distributor's Mark-Up Price has decreased.

The Manufacturer's selling price of gloves had increased from USD 25 to USD 110, an increase of 340%.

Source: Koon Yew Yin

https://klse.i3investor.com/blogs/koonyewyinblog/
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Re: Top Glove

Postby winston » Fri Jun 12, 2020 8:57 am

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The best is yet to come

9MFY8/20 net profit of RM575m (+97.9% yoy) was in line with our forecast, but above Bloomberg consensus’ estimates.

We expect TOPG to record sequentially-stronger quarters ahead, in tandem with capacity increases and more ASP hikes.

Maintain Add with an unchanged TP of RM25.00 (22x CY21 P/E).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 0A39607677
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