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  5. Top Glove Corporation Bhd.
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    TOPGLOV   MYL7113OO003

TOP GLOVE CORPORATION BHD.

(TOPGLOV)
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Top Glove, Other Glove Makers Soar on Omicron Fears

11/29/2021 | 04:08am EST

By Chester Tay

KUALA LUMPUR, Malaysia--Shares of Malaysia's Top Glove Corp. soared in Monday trading as global concerns mount over the Covid-19 Omicron variant, though analysts said the boost could be short-lived.

Shares of the world's largest glove maker by capacity rose by as much as 30% to MYR3.43, hitting the Malaysian bourse's maximum limit and briefly putting Top Glove on pace for its biggest one-day gain since listing 20 years ago. The company's shares were last up 20%, trimming year-to-date losses to 48%.

Other regional glove companies rallied as well, with Hartalega Holdings Bhd. climbing 21%, Kossan Rubber Industries Bhd. up 11% and Supermax Corp. gaining 22% in late afternoon trading. Singapore-listed Riverstone Holdings Ltd. rose 15%.

Malacca Securities senior analyst Kenneth Leong said buying interest in glove stocks may not be as sustainable as it was during the first global outbreak last year.

"Pharmaceutical companies have indicated that they are capable of producing large amount of vaccines against this new variant, while governments have been quick to impose containment measures," he said.

TA Securities added that although news of the variant could increase speculative interest in healthcare stocks--especially in what it described as undervalued Kossan Rubber and Hartalega--it doesn't expect the global economic recovery to be derailed given vaccinations that could minimize the chances of hospitalization or death. TA has buy ratings on both Kossan and Hartalega.

Top Glove's stock soared multiple times over in 2020 but has fallen this year on concerns about waning demand for protective wear and middling average selling prices, as the pandemic appeared to be coming under control.

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

(END) Dow Jones Newswires

11-29-21 0408ET

Stocks mentioned in the article
ChangeLast1st jan.
HARTALEGA HOLDINGS BERHAD -0.70% 5.68 End-of-day quote.-0.87%
KOSSAN RUBBER INDUSTRIES BHD -1.50% 1.97 End-of-day quote.2.60%
RIVERSTONE HOLDINGS LIMITED -2.08% 0.705 Delayed Quote.2.86%
SUPERMAX CORPORATION BERHAD -2.84% 1.37 End-of-day quote.-6.80%
TOP GLOVE CORPORATION BHD. -1.68% 2.34 End-of-day quote.-9.65%
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 1 847 M 1 847 M
Net income 2022 835 M 200 M 200 M
Net cash 2022 687 M 164 M 164 M
P/E ratio 2022 21,9x
Yield 2022 2,21%
Capitalization 18 737 M 4 483 M 4 480 M
EV / Sales 2022 2,34x
EV / Sales 2023 2,11x
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
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 2,34 MYR
Average target price 2,05 MYR
Spread / Average Target -12,3%
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