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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 Retreats on Drop in Short Covering, Easing Fears on Omicron

11/30/2021 | 12:13am EST

By Chester Tay

KUALA LUMPUR--Malaysian glove stocks including Top Glove Corp. Bhd. pulled back Tuesday on profit-taking and a sharp reduction in short-covering activities, as investors grew more confident that the Omicron variant won't derail global economic recovery.

Shares of Top Glove, which gained 21% Monday in their largest one-day gain in two decades, retreated 12% in morning trade Tuesday. Other makers of protective wear including Supermax Corp. Bhd., Kossan Rubber Industries Bhd. and Hartalega Holdings Bhd. shed 9.8%, 5.1% and 6.1%, respectively.

The declines come as short sellers are sitting on the sidelines a day after their buying was a factor in pushing glove stocks higher, TA Securities chartist Stephen Soo said. As investors reassess worst fears about the Covid-19 Omicron variant in global markets and prices of glove stocks fall, short sellers need not rush to cover their opening short positions, he said.

Short sellers borrow stocks they believe are overvalued and immediately sell them, hoping to repurchase shares for a lower price later and pocket the difference.

Bursa Malaysia's regulated short selling data on Monday showed that total short selling value amounted to 76.8 million ringgit ($18.1 million), of which 45% was attributable to short selling of Top Glove, the world's largest glove maker by capacity.

"Some of these glove stocks are still heavily short," Mr. Soo added, saying that those positions could limit stock declines going forward. "I believe [short sellers] will still continue to cover, so that should provide some cushion to profit-taking."

The retreat in glove stocks also appears driven by easing concerns over the Covid-19 Omicron variant, with investors gaining confidence that vaccine makers could update their vaccines to combat it.

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

(END) Dow Jones Newswires

11-30-21 0012ET

Stocks mentioned in the article
ChangeLast1st jan.
HARTALEGA HOLDINGS BERHAD -3.83% 5.53 End-of-day quote.-3.49%
KOSSAN RUBBER INDUSTRIES BHD -3.63% 1.86 End-of-day quote.-3.12%
SUPERMAX CORPORATION BERHAD -2.44% 1.2 End-of-day quote.-18.37%
TOP GLOVE CORPORATION BHD. -4.15% 2.08 End-of-day quote.-19.69%
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Analyst Recommendations on TOP GLOVE CORPORATION BHD.
More recommendations
Financials
Sales 2022 7 725 M 1 844 M 1 844 M
Net income 2022 835 M 199 M 199 M
Net cash 2022 687 M 164 M 164 M
P/E ratio 2022 19,5x
Yield 2022 2,48%
Capitalization 16 655 M 3 972 M 3 976 M
EV / Sales 2022 2,07x
EV / Sales 2023 1,87x
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
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Technical analysis trends TOP GLOVE CORPORATION BHD.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 2,08 MYR
Average target price 2,05 MYR
Spread / Average Target -1,35%
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