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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 says production hurt by U.S. ban

04/08/2021 | 06:33am EDT
FILE PHOTO: Top Glove logo is pictured outside a factory in Klang

KUALA LUMPUR (Reuters) - Malaysia's Top Glove said on Thursday its glove production has been affected because of a U.S. ban on its products over allegations they are made with forced labour.

Two units of the world's largest producer of latex gloves were banned by the United States in July last year. And last month, U.S. authorities said the ban now extended to all disposable gloves made by Top Glove in Malaysia.

A "certain percentage" of Malaysian production has been affected because of the ban, but the impact will be temporary, Top Glove chairman Lim Wee Chai said on a call with reporters.

He did not provide detail on the extent of the impact.

The company also said it has stopped all shipments to the United States from Malaysia and that it was working "expeditiously" to resolve forced labour issues.

Ethical trade consultancy Impactt, appointed by Top Glove to assess its trade and labour practices after the U.S. ban, said last month that it had found several indicators of forced labour at the company.

As at January, Impactt said it "no longer" found indicators of forced labour among direct employees such as abuse of vulnerability, restriction of movement, excessive overtime or the withholding of wages. But it identified other areas that the company was yet to fix fully.

(Reporting by A. Ananthalakshmi; Editing by Martin Petty)


© Reuters 2021
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Financials
Sales 2021 21 729 M 5 268 M 5 268 M
Net income 2021 10 322 M 2 502 M 2 502 M
Net cash 2021 2 826 M 685 M 685 M
P/E ratio 2021 4,42x
Yield 2021 14,8%
Capitalization 43 542 M 10 571 M 10 556 M
EV / Sales 2021 1,87x
EV / Sales 2022 2,75x
Nbr of Employees 21 000
Free-Float 56,2%
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Technical analysis trends TOP GLOVE CORPORATION BHD.
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 6,43 MYR
Last Close Price 5,44 MYR
Spread / Highest target 80,1%
Spread / Average Target 18,2%
Spread / Lowest Target -35,7%
EPS Revisions
Managers and Directors
NameTitle
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
Sector and Competitors