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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 : Racing to reverse U.S. ban, Malaysia's Top Glove improves workers' housing

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08/11/2020 | 09:45am EDT
Top Glove products are pictured on display at its headquarters in Shah Alam

Malaysia's Top Glove Corp is working rapidly to resolve this month issues that prompted a U.S. Customs import ban, including improving its migrant workers' living conditions, its managing director said on Tuesday.

In engagements with the U.S. Customs and Border Protection (CBP) last week, the world's largest medical glove maker said the standard of workers' accommodation was one of two issues highlighted.

CBP placed a detention order on imports from two subsidiaries of Top Glove last month, an action the authority takes on firms suspected of using forced labour.

"They wanted us to take care of the living quarters of the foreign workers," Managing Director Lee Kim Meow told Reuters.

He said repair and upgrade work was taking place at accommodation the CBP had singled out and other migrant workers' housing would be improved as required.

Lee said the company was also seeking to integrate technology to enable workers to raise issues affecting their living conditions as problems with workers' quarters far from the head office had been overlooked.

The other issue CBP identified is referred to as remediation, or paying back workers fees they paid to employment agents to get their jobs.

Top Glove made its first remediation payment to migrant workers who joined before 2019 on Monday.

Lee said Top Glove will pay the estimated total of 53 million ringgit ($12.65 million) in remediation, covering around 10,000 foreign workers from Bangladesh, Nepal, Indonesia, Myanmar and Cambodia, over 12 months.

Top Glove hires about 12,000 foreign workers in total.

Prompted by the COVID-19 pandemic, Top Glove has started producing face masks and also plans to manufacture medical gowns and cleaning products, such as sanitisers and washing liquids. It hopes to gain approvals to export its masks in two months, and start making medical gowns next year.

Lee said the company plans to be a "one-stop infection control centre".

($1 = 4.1900 ringgit)

By Liz Lee


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Financials
Sales 2020 7 444 M 1 789 M 1 789 M
Net income 2020 1 474 M 354 M 354 M
Net Debt 2020 1 692 M 407 M 407 M
P/E ratio 2020 48,0x
Yield 2020 1,19%
Capitalization 72 561 M 17 429 M 17 443 M
EV / Sales 2020 9,98x
EV / Sales 2021 3,73x
Nbr of Employees 21 000
Free-Float 58,6%
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Technical analysis trends TOP GLOVE CORPORATION BHD.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 21
Average target price 10,56 MYR
Last Close Price 8,91 MYR
Spread / Highest target 81,8%
Spread / Average Target 18,5%
Spread / Lowest Target -39,4%
EPS Revisions
Managers
NameTitle
Kim Meow Lee Managing Director & Director
Wee-Chai Lim Executive Chairman
Say Keong Liew Senior General Manager-Finance
Han Boon Lim Senior Independent Non-Executive Director
Siew Bee Tong Non-Independent Non-Executive Director
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