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    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
  Report
End-of-day quote BURSA MALAYSIA  -  05-22
1.490 MYR   +2.76%
05/22Malaysian Glove Makers' Shares Rise on Better Risk Appetite, Monkeypox Fears
DJ
05/20Top Glove's Chairman, Director Acquire 2 Million Shares During Closed Period
MT
04/28Top Glove's Hong Kong Listing Application Lapses
MT
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Malaysia Glove Stocks Draw Renewed Buying Interest Amid Depressed Valuations

12/26/2021 | 10:38pm EDT

By Chester Tay

Malaysia glove stocks are rebounding as traders are drawn by low valuations and the price war between top manufacturers eases thanks to capacity restrictions and an energy crunch in China, where much of the newly built-up production is based.

Shares of the world's largest glove maker, Top Glove Corp. Bhd., are clawing back some ground after hitting a 52-week low on Dec. 14. The stock was up 6.4% at MYR2.33 in midmorning trade on Monday.

Other glove stocks are rising as well, with Hartalega Holdings Bhd. gaining 2.2%, Kossan Rubber Industries Bhd. adding 4.5% and Supermax Corp. Bhd. up by 4.2%.

Glove stocks have been sliding this year as the pandemic improves and restrictions are eased, clouding the glove demand outlook.

Bursa Malaysia Healthcare Index, which includes glove stocks along with other healthcare players like pharmaceutical companies and hospital operators, has fallen 37% in the year to date.

Though value has emerged for certain glove stocks, RHB Research thinks the balance of risks remains tilted to the downside, and doesn't expect a re-rating of the sector any time soon.

"Demand remains soft as [glove] buyers continue to practice making minimal purchases to prevent sitting on high-cost inventory," RHB said.

The emergence of the Omicron variant could boost sales, but glove prices aren't likely to surge the way they did in 2020 because vaccination rates are up, policymakers are more prepared and major glove manufacturers have expanded capacity significantly, the brokerage said.

"We believe companies that expanded the most throughout the pandemic are at a greater risk of recording poor utilization rates going forward," RHB said.

Write to Chester Tay at chester.tay@wsj.com

(END) Dow Jones Newswires

12-26-21 2237ET

Stocks mentioned in the article
ChangeLast1st jan.
BELIEVE -3.38% 9.575 Real-time Quote.-43.34%
BURSA MALAYSIA BERHAD 0.15% 6.81 End-of-day quote.3.97%
HARTALEGA HOLDINGS BERHAD 0.24% 4.2 End-of-day quote.-26.70%
KOSSAN RUBBER INDUSTRIES BHD 3.55% 1.75 End-of-day quote.-8.85%
SUPERMAX CORPORATION BERHAD 2.91% 1.06 End-of-day quote.-27.89%
TOP GLOVE CORPORATION BHD. 2.76% 1.49 End-of-day quote.-42.47%
All news about TOP GLOVE CORPORATION BHD.
05/22Malaysian Glove Makers' Shares Rise on Better Risk Appetite, Monkeypox Fears
DJ
05/20Top Glove's Chairman, Director Acquire 2 Million Shares During Closed Period
MT
04/28Top Glove's Hong Kong Listing Application Lapses
MT
04/28Top Glove Hong Kong Listing Application Lapsed
CI
04/27Top Glove Corporation Bhd. Announces Executive Changes
CI
04/25Top Glove Signs Power Purchase Deal with Shizen Malaysia
MT
04/22Top Glove Issues Shares Under Employee Stock Option Scheme
MT
03/22Top Glove Issues Shares Under Employee Stock Option Scheme
MT
03/13Malaysian Glove Stocks Rise on China Lockdowns, New Variant
DJ
03/10Top Glove Logs Lower Profit, Revenue in Fiscal Q2 on Normalizing Average Selling Prices
MT
More news
Analyst Recommendations on TOP GLOVE CORPORATION BHD.
More recommendations
Financials
Sales 2022 6 994 M 1 593 M 1 593 M
Net income 2022 553 M 126 M 126 M
Net cash 2022 716 M 163 M 163 M
P/E ratio 2022 20,9x
Yield 2022 2,46%
Capitalization 11 931 M 2 718 M 2 718 M
EV / Sales 2022 1,60x
EV / Sales 2023 1,47x
Nbr of Employees 22 000
Free-Float 55,0%
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Technical analysis trends TOP GLOVE CORPORATION BHD.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 1,49 MYR
Average target price 1,55 MYR
Spread / Average Target 3,71%
EPS Revisions
Managers and Directors
Kim Meow Lee Chief Executive Officer, Executive Director & MD
Say Keong Liew Senior General Manager-Finance
Wee-Chai Lim Executive Chairman
Kian Guan Tan General Manager-Information Technology
Chong Ban Wong Chief Operating Officer