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MarketScreener Homepage  >  Equities  >  BURSA MALAYSIA  >  Top Glove Corporation Bhd.    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
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Top Glove Bhd : Malaysia's Top Glove raises remediation payment to migrant workers

10/06/2020 | 06:28am EST
FILE PHOTO: A worker inspects gloves at a Top Glove factory outside Kuala Lumpur

KUALA LUMPUR (Reuters) - Malaysia's Top Glove Corporation Bhd has raised the amount it will repay migrant workers for recruitment fees after verification work completed by an independent consultant, it said on Tuesday.

"The remediation will now be based on the revised sum of approximately 136 million ringgit ($32.77 million), in accordance with recommendations by the independent consultant," the company said.

It had previously said it estimated 53 million ringgit in remediation for the recruitment fees paid by the migrant workers to agents or other parties.

The glove maker, largest in the world, was banned its imports by the U.S. Customs and Border Protection in July over allegations that it used forced labour.

Top Glove said migrant workers will receive remediation over the next 10 months, from this month. It has made two remediation payments in August and September.

Top Glove said it is following up closely with the U.S. Customs to resolve and revoke the detention order on its goods.

($1 = 4.1500 ringgit)

(Reporting by Liz Lee, editing by Louise Heavens)


© Reuters 2020
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Financials
Sales 2021 19 226 M 4 738 M 4 738 M
Net income 2021 8 541 M 2 105 M 2 105 M
Net cash 2021 2 142 M 528 M 528 M
P/E ratio 2021 6,24x
Yield 2021 8,19%
Capitalization 53 324 M 13 132 M 13 141 M
EV / Sales 2021 2,66x
EV / Sales 2022 3,94x
Nbr of Employees 21 000
Free-Float 58,3%
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Technical analysis trends TOP GLOVE CORPORATION BHD.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 9,82 MYR
Last Close Price 6,65 MYR
Spread / Highest target 141%
Spread / Average Target 47,7%
Spread / Lowest Target -18,8%
EPS Revisions
Managers
NameTitle
Kim Meow Lee Managing Director & Director
Wee-Chai Lim Executive Chairman
Chong Ban Wong Chief Operating Officer
Say Keong Liew Senior General Manager-Finance
Han Boon Lim Senior Independent Non-Executive Director
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