Top Glove

Re: Top Glove

Postby winston » Tue Nov 24, 2020 8:54 am

Top Glove confirms temporary shutdown of 28 factories in Meru due to upsurge in Covid-19 cases

by Emir Zainul & Syafiqah Salim

KUALA LUMPUR (Nov 23): Top Glove Corp Bhd has confirmed that it will temporarily shut down 28 factories in Klang, Selangor following an insurgence of Covid-19 cases among its workers.

Top Glove, the world's largest glove manufacturer, has 41 factories in Malaysia.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ases-today
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Re: Top Glove

Postby winston » Tue Nov 24, 2020 9:18 am

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Stock wise, we expect TOPGLOV (RM7.35-BUY-TP RM10.38) share prices will a experience knee-jerk selling following the tempory shut down of its 28 factories (21 are glove factories and the remaining 7 are non-glove factories) in Klang due to a high number of Covid-19 cases among its workers.

Technically, we see good supports at RM7.00 followed by RM6.73 (lower BB) and RM6.15 (17 Nov low) levels.

Stiff resistances are pegged at RM7.95 (mid BB) and RM8.38 (50D SMA).

Source: HLIB
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Re: Top Glove

Postby winston » Wed Nov 25, 2020 7:24 am

Top Glove buys back more shares; total amount spent since September rises to RM1.08b

by Arjuna Chandran Shankar

Top Glove has repurchased RM1.08 billion worth of its own shares since September.

The total number of treasury shares now held by Top Glove stands at 148.08 million, translating into a 1.81% stake.

To put this into perspective, this figure is equivalent to 57.67% of Top Glove's RM1.87 billion net profit for the financial year ended Aug 31, 2020 (FY20).

It also represents 88.96% of its cash and cash balances as at the end of FY20, amounting to RM1.21 billion. Top Glove also has RM1.67 billion worth of investment securities.


Source: The Edge

https://www.theedgemarkets.com/article/ ... ses-rm108b
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Re: Top Glove

Postby winston » Wed Nov 25, 2020 1:33 pm

not vested

All plants in Meru to be temporarily closed

In tandem with yesterday’s government directive, TOPG will implement a temporary stoppage in stages of all its production facilities in Meru, Klang.

We estimate that TOPG’s factories in Klang, Selangor, make up an estimated 50% of its total production capacity (90bn pieces p.a.).

Assuming that all 28 of its Klang factories are shut down for two weeks, we estimate that our FY8/21F profit will be negatively impacted by 1.9%.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 62BF696645
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Re: Top Glove

Postby winston » Wed Nov 25, 2020 8:15 pm

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Top Glove estimates dividend yield to be more than 6% in FY21 — Chairman

by Wong Ee Lin

Top Glove’s current net cash position is at about RM2 billion, after the company spent some RM1 billion in share buybacks over the last three months.

Top Glove said in a Bursa filing yesterday that the company estimates about 3% of its FY21 sales revenue will be impacted by the temporary stoppage by stages of Top Glove’s manufacturing facilities in Meru.

The world’s largest rubber glove manufacturer by output capacity can produce up to 90 billion pieces of gloves a year as at October 2020 across its 36 glove factories.


Source: The Edge

https://www.theedgemarkets.com/article/ ... 4-chairman
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Re: Top Glove

Postby winston » Wed Dec 02, 2020 8:38 am

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Hit by Act 446

MoHR has opened 19 investigation papers on TOPG due to offences under Workers’ Minimum Standards of Housing and Amenities Act 1990 (Act 446).

TOPG plans to fully cooperate with the authorities on this matter; it has been making strong efforts to comply with Act 446 by end-Dec.

Assuming one charge per worker accommodation, TOPG could be fined up to RM15m.

TP: RM 10.00

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 0920F41315
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Re: Top Glove

Postby winston » Wed Dec 02, 2020 4:35 pm

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Top Glove must be more responsible

Spent more than RM1b on Buybacks, about 64% of the company’s net profits for financial year ended August and 39% of its cash and equivalent.

We estimate that Top Glove can acquire another 89 million shares before its major shareholder hits the 2% creeping threshold limit, which would trigger a mandatory general offer.

Will the company continue to spend another RM650 million to buy back its own shares over the coming fortnight? And then what?


Source: The Edge Malaysia

https://www.theedgesingapore.com/views/ ... esponsible
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Re: Top Glove

Postby winston » Sun Dec 06, 2020 9:44 pm

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Top Glove the 'busiest' of them all

Top Glove, which commands a 26 per cent share of the global rubber glove market, with a production capacity of 80.2 billion pieces per annum saw its shares soared by more than 400 per cent.

Its share price enjoyed a meteoric rise of up to RM26.24 from RM1.55 on Jan 2, 2020. It conducted a share split on September 7, 2020, and the stock is now hovering around RM6.60.

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

Net profit for its financial year ended August 31, 2020 stood at RM1.86 billion, which was 417 per cent higher than last year. Revenue surged to RM7.23 billion from RM4.8 billion last year.

Besides Malaysia, Top Glove also has manufacturing facilities in Thailand, Vietnam and China. It exports to over 2,000 customers in 195 countries worldwide. The export value for rubber gloves has been growing by 9.4 per cent at 10 years compound annual growth rate amid rising demand.

Top Glove is also listed on Singapore’s stock market since 2016.

Source: Bernama
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Re: Top Glove

Postby winston » Wed Dec 09, 2020 3:05 pm

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Malaysia's Top Glove posts record quarterly profit in Q1

KUALA LUMPUR (Reuters) - Malaysia’s Top Glove Corp on Wednesday posted a more than 20-fold jump in first-quarter net profit bolstered by continued high demand for gloves, operational efficiencies and higher selling prices.

Net profit for the September-November period grew 2,030% to 2.38 billion ringgit ($585.49 million) from 111.4 million ringgit a year ago, the world’s largest glove manufacturer said in a filing to Malaysia’s bourse.

Revenue rose 294% to 4.76 billion ringgit.

Source: Reuters

https://www.reuters.com/article/top-glo ... NKBN28J0GF
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Re: Top Glove

Postby winston » Thu Dec 10, 2020 8:45 am

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Top Glove (TOPG MK)
1QFY21: Light At The End Of The Tunnel With Operational Complications


1QFY21 earnings beat consensus expectations.

The surge in raw material cost was well absorbed by still-rising ASPs.

Management expects full production to resume in a matter of weeks, following the untoward COVID-19 outbreak among its foreign workers.

Similarly, US CBP’s withhold order is expected to be resolved soon as well.

ASP outlook remains robust and we should reasonably see a step change in earnings.

Maintain BUY and target price of RM12.30.

Source: UOBKH

https://research.uobkayhian.com/content ... 48ac7aaa14
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