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    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
  Report
End-of-day quote BURSA MALAYSIA  -  2022-09-22
0.6500 MYR   +3.17%
09/21CGS-CIMB Adjusts Top Glove's Price Target to 0.50 Ringgit From 1 Ringgit, Keeps at Reduce
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09/20Top Glove Shares Fall After Analysts Cut Outlooks
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09/20Singapore Stocks Return to Green; Top Glove Shares Slip 2% on Turning to Loss in Fiscal Q4
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Top Glove Bhd : Malaysia to charge Top Glove over poor worker accommodation, government says

12/01/2020 | 09:07am EDT
FILE PHOTO: A worker inspects newly-made gloves at Top Glove factory in Shah Alam

KUALA LUMPUR (Reuters) - Malaysia said on Tuesday it would file charges against Top Glove Corp because of poor worker accommodation provided by the world's biggest maker of medical gloves.

The Labour Department, part of the Ministry of Human Resources, launched investigations into worker accommodation and hostels after last month's COVID-19 outbreak at a Top Glove factory in an industrial area near the capital Kuala Lumpur.

It said it had investigated six of Top Glove's companies in five states and had recommended filing charges after opening 19 probes. It did not say how many charges would be filed.

Top Glove said it was working to improve accommodation by Dec. 31, the end of a grace period for employers to meet new government rules on accommodation standards. The rules have been in place since Sept. 1.

Asri Ab Rahman, director-general of the Department of Labour Peninsular Malaysia, told reporters that its investigations had showed some accomodation was cramped, poorly ventilated and lacked rest and kitchen areas.

"There is concern at the ministry and pressure on the department to ensure that worker accommodations provided do not become the source of spreading diseases," he said, adding that Malaysia wanted to avoid accusations it used "forced labour".

In October, the United States added rubber gloves produced in Malaysia to a list of products produced by forced labour. Top Glove said shortly afterwards that it was working to address those U.S. concerns.

Responding to comments by the Malaysian authorities about its accommodation, Top Glove said: "Efforts to source more accommodation and to improve existing worker accommodation are ongoing, in view of the large number of workers we employ."

It said it expected to complete this around Dec. 31.

Malaysia shut some of Top Glove's factories in stages last week to facilitate screening and quarantining of employees due to the coronavirus outbreak.

A total of 3,406 Top Glove workers had tested positive for the virus by Monday.

Tighter curbs on movement, in place since Nov. 14 in the areas where the factories and hostels are located, have been extended to Dec. 14.

(Reporting by Liz Lee; Editing by Gerry Doyle and Edmund Blair)


© Reuters 2020
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Analyst Recommendations on TOP GLOVE CORPORATION BHD.
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Financials
Sales 2022 6 112 M 1 335 M 1 335 M
Net income 2022 305 M 66,6 M 66,6 M
Net Debt 2022 331 M 72,3 M 72,3 M
P/E ratio 2022 16,5x
Yield 2022 3,59%
Capitalization 5 205 M 1 137 M 1 137 M
EV / Sales 2022 0,91x
EV / Sales 2023 1,02x
Nbr of Employees 17 700
Free-Float 55,6%
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Mean consensus SELL
Number of Analysts 20
Last Close Price 0,65 MYR
Average target price 0,71 MYR
Spread / Average Target 8,50%
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Managers and Directors
Cheong Guan Lim Managing Director & Executive Director
Say Keong Liew Senior General Manager-Finance
Wee-Chai Lim Executive Chairman
Kian Guan Tan General Manager-Information Technology
Han Boon Lim Senior Independent Non-Executive Director