Financials Top Glove Corporation Bhd.

Equities

TOPGLOV

MYL7113OO003

Medical Equipment, Supplies & Distribution

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
0.83 ^MYR	-0.60%		+2.47%	-7.78%

Mar. 26	Top Glove Corporation Bhd. Appoints Miss Gan Mei Mei as Independent and Non Executive Director	CI
Mar. 20	Singaporean Shares Rise Tracking Global Gains; Top Glove’s Shares Up 9% as Losses Shrink	MT

Valuation

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	12,159	71,171	32,028	6,446	6,126	6,647	-	-
Enterprise Value (EV) ¹	14,421	70,501	31,608	6,401	6,391	7,061	6,982	6,985
P/E ratio	32.8 x	37.6 x	4.09 x	27.7 x	-6.61 x	-53.7 x	40.4 x	22.4 x
Yield	1.58%	1.35%	16.3%	1.49%	-	0.01%	1.11%	2.19%
Capitalization / Revenue	2.53 x	9.84 x	1.95 x	1.16 x	2.71 x	2.34 x	1.63 x	1.36 x
EV / Revenue	3 x	9.74 x	1.93 x	1.15 x	2.83 x	2.48 x	1.72 x	1.43 x
EV / EBITDA	20.8 x	27.2 x	3.02 x	8.87 x	-39.3 x	31.8 x	11.9 x	9.05 x
EV / FCF	-128 x	29.2 x	4.89 x	-8.17 x	-38.5 x	-609 x	32.5 x	16.3 x
FCF Yield	-0.78%	3.42%	20.4%	-12.2%	-2.6%	-0.16%	3.08%	6.14%
Price to Book	5.01 x	4.76 x	4.48 x	1.15 x	1.3 x	1.33 x	1.31 x	1.27 x
Nbr of stocks (in thousands)	7,679,441	8,124,491	8,006,950	8,007,341	8,008,161	8,008,228	-	-
Reference price ²	1.583	8.760	4.000	0.8050	0.7650	0.8300	0.8300	0.8300
Announcement Date	9/26/19	9/17/20	9/17/21	9/20/22	10/6/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,802	7,236	16,403	5,573	2,257	2,843	4,070	4,876
EBITDA ¹	694.9	2,591	10,453	721.7	-162.8	222.1	588	771.5
EBIT ¹	511.7	2,356	10,144	373.6	-505.8	-155.9	249	434.4
Operating Margin	10.66%	32.56%	61.84%	6.7%	-22.41%	-5.48%	6.12%	8.91%
Earnings before Tax (EBT) ¹	430.7	2,301	10,143	365.5	-898	-102	236.5	380.8
Net income ¹	370.6	1,867	7,871	236	-926.6	-117.9	146	262.6
Net margin	7.72%	25.8%	47.98%	4.23%	-41.06%	-4.15%	3.59%	5.39%
EPS ²	0.0482	0.2331	0.9780	0.0291	-0.1157	-0.0154	0.0205	0.0371
Free Cash Flow ¹	-112.5	2,411	6,460	-783.4	-165.9	-11.6	214.8	428.7
FCF margin	-2.34%	33.32%	39.39%	-14.06%	-7.35%	-0.41%	5.28%	8.79%
FCF Conversion (EBITDA)	-	93.04%	61.81%	-	-	-	36.53%	55.57%
FCF Conversion (Net income)	-	129.13%	82.08%	-	-	-	147.09%	163.25%
Dividend per Share ²	0.0250	0.1183	0.6510	0.0120	-	0.000080	0.009240	0.0182
Announcement Date	9/26/19	9/17/20	9/17/21	9/20/22	10/6/23	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: August	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	1,584	1,449	1,465	990.1	632.5	618	530.6	475.9	493.5	550.3	625.2	662.7	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	260.6	112.8	41.47	-41.27	-149.6	-142.8	-136.4	-96.96	-59.53	-58.74	-36.29	-1.42	-	-	-
Operating Margin	16.45%	7.79%	2.83%	-4.17%	-23.66%	-23.11%	-25.71%	-20.38%	-12.06%	-10.67%	-5.8%	-0.21%	-	-	-
Earnings before Tax (EBT) ¹	258.8	112.3	38.39	-44.03	-151.6	-145.9	-138.5	-461.9	-52.86	-43.06	-39.31	-4.443	-	-	-
Net income ¹	185.7	87.55	15.29	-52.59	-168.2	-164.7	-130.6	-463.1	-57.71	-51.2	-41.36	-6.538	38.31	36.78	38.31
Net margin	11.72%	6.04%	1.04%	-5.31%	-26.6%	-26.64%	-24.61%	-97.33%	-11.7%	-9.3%	-6.62%	-0.99%	-	-	-
EPS ²	0.0232	0.0109	0.001900	-0.006600	-0.0210	-0.0206	-0.0163	-0.0578	-0.007200	-0.006400	-0.005110	-0.000810	0.004730	0.004540	0.004730
Dividend per Share ²	0.0120	-	-	-	-	-	-	-	-	-	-	-	-	-	0.004780
Announcement Date	12/10/21	3/9/22	6/9/22	9/20/22	12/14/22	3/16/23	6/16/23	10/6/23	12/20/23	3/20/24	-	-	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: August	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,262	-	-	-	264	414	335	338
Net Cash position ¹	-	670	420	45	-	-	-	-
Leverage (Debt/EBITDA)	3.255 x	-	-	-	-1.624 x	1.866 x	0.5696 x	0.4383 x
Free Cash Flow ¹	-112	2,411	6,460	-783	-166	-11.6	215	429
ROE (net income / shareholders' equity)	15.3%	49.6%	117%	3.39%	-14.7%	-3.02%	3.1%	5.81%
ROA (Net income/ Total Assets)	6.79%	26%	84.8%	2.64%	-12.2%	-1.85%	1.92%	3.89%
Assets ¹	5,461	7,181	9,281	8,924	7,599	6,390	7,591	6,755
Book Value Per Share ²	0.3200	1.840	0.8900	0.7000	0.5900	0.6200	0.6400	0.6500
Cash Flow per Share ²	0.0700	0.3900	0.9700	0.0200	0.0200	0.0100	0.0400	0.1000
Capex ¹	622	760	1,349	919	297	266	285	256
Capex / Sales	12.94%	10.51%	8.22%	16.49%	13.16%	9.36%	7.01%	5.25%
Announcement Date	9/26/19	9/17/20	9/17/21	9/20/22	10/6/23	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Top Glove Corporation Bhd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

0.83 MYR

Average target price

0.8015 MYR

Spread / Average Target

-3.43%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
TOP GLOVE CORPORATION BHD.	-7.78%	1.39B
COLOPLAST A/S	+11.84%	27.79B
SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-32.98%	2.98B
WINNER MEDICAL CO., LTD.	-15.97%	2.52B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+11.90%	2.34B
HARTALEGA HOLDINGS	-1.11%	1.91B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-13.37%	1.83B
NAKANISHI INC.	-0.38%	1.27B
KOSSAN RUBBER INDUSTRIES	+13.51%	1.12B
KANGJI MEDICAL HOLDINGS LIMITED	+4.01%	1.13B

Medical Supplies