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    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
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New Covid-19 Variant Drives Rally in Malaysia Glove Stocks

11/26/2021 | 01:36am EST

By Chester Tay

Shares of Malaysia glove stocks rose sharply on renewed buying interest after a new, fast-spreading coronavirus variant was found in South Africa.

Top Glove Corp. Bhd., the world's largest glove maker, was 10% higher by midday Friday.

Among other glove producers in the Southeast Asian country, Hartalega Holdings Bhd. climbed 7.6%, Kossan Rubber Industries Bhd. rose 7.5% and Supermax Corp. Bhd. advanced 8.7%.

Shares of the companies had fallen at least 50% since the beginning of the year amid a bleak outlook for glove prices, as most countries are making progress on their vaccination rates and the global supply of gloves rises.

Apart from the new strain, surging Covid-19 cases in Europe as winter approaches also spurred investors to bet on a rebound in glove demand and average selling prices, said Vincent Lau, head of equity sales at Rakuten Trade in Kuala Lumpur.

"There is definitely trading opportunities with this new variant discovered, but we are still uncertain whether this round of rebound [in glove stocks] would be sustainable," he said.

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

(END) Dow Jones Newswires

11-26-21 0136ET

Stocks mentioned in the article
ChangeLast1st jan.
HARTALEGA HOLDINGS BERHAD -0.87% 5.69 End-of-day quote.-0.70%
KOSSAN RUBBER INDUSTRIES BHD -2.05% 1.91 End-of-day quote.-0.52%
SUPERMAX CORPORATION BERHAD -2.31% 1.27 End-of-day quote.-13.61%
TOP GLOVE CORPORATION BHD. -1.34% 2.21 End-of-day quote.-14.67%
All news about TOP GLOVE CORPORATION BHD.
01/12Top Glove Issues Shares to Chairman, Director
MT
01/07Top Glove Corporation Bhd. Appoints Lo Kai Yiu, Anthony as Independent and Non Executiv..
CI
01/07Top Glove Corporation Bhd. Appoints Lester Garson Huang as Independent and Non Executiv..
CI
01/06Top Glove Corporation Bhd. Announces Redesignation of Sharmila Sekarajasekaran as Senio..
CI
01/06Top Glove Corporation Bhd. Announces Retirement of Dato’ Lim Han Boon as Independe..
CI
01/06Top Glove Corporation Bhd. Announces Retirement of Puan Sri Tong Siew Bee as Non Indepe..
CI
2021Malaysia Glove Stocks Draw Renewed Buying Interest Amid Depressed Valuations
DJ
2021TOP GLOVE CORPORATION BHD. : Ex-dividend day for interim dividend
FA
2021Singapore Shares End Lower; Aoxin Q & M Climbs 2% on Resumption of Chinese Operations
MT
2021Top Glove Issues Shares Under Employee Stock Option Scheme; Shares Jump 4%
MT
More news
Analyst Recommendations on TOP GLOVE CORPORATION BHD.
More recommendations
Financials
Sales 2022 7 725 M 1 848 M 1 848 M
Net income 2022 835 M 200 M 200 M
Net cash 2022 687 M 164 M 164 M
P/E ratio 2022 20,7x
Yield 2022 2,34%
Capitalization 17 375 M 4 148 M 4 158 M
EV / Sales 2022 2,16x
EV / Sales 2023 1,96x
Nbr of Employees 22 000
Free-Float 54,9%
Chart TOP GLOVE CORPORATION BHD.
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Top Glove Corporation Bhd. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TOP GLOVE CORPORATION BHD.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 2,21 MYR
Average target price 2,05 MYR
Spread / Average Target -7,15%
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