Top Glove

Re: Top Glove

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

not vested

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
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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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
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Top Glove

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

not vested

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
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Top Glove

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

not vested

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
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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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
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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