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Latest Forum Topics / Top Glove    Last:0.27    +0.015  Post Reply
Top Glove Make or Break
Francisgohyc
Master
25-Aug-2025 11:17     
 
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 Alert Admin 		The previuosly 2 Q can' t count as profit, it make money becasue they sold away the property 

See previous my post by UOB report, it is clear and accurrate 

https://sginvestors.io/sgx/stock/bva-top-glove/target-price

hschsc      ( Date: 25-Aug-2025 09:34) Posted:

Conclusion: If orders continue to recover and costs are properly controlled, Top Glove is expected to achieve a net profit of RM 90-100 million in fiscal year 2025, but it is still in a low-profit stage and it remains to be seen whether it can break through the bottleneck in 2026.

Francisgohyc      ( Date: 25-Aug-2025 08:36) Posted:

At curreny price 18.5.cents the warrant is useless 

Just park over there until it raise more than 38cents   

This counter nobody want anymore unless this Q result make Money ( small profit, my opinion ) 

 


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hschsc
Master
25-Aug-2025 09:34     
 
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 Alert Admin 		Conclusion: If orders continue to recover and costs are properly controlled, Top Glove is expected to achieve a net profit of RM 90-100 million in fiscal year 2025, but it is still in a low-profit stage and it remains to be seen whether it can break through the bottleneck in 2026.

Francisgohyc      ( Date: 25-Aug-2025 08:36) Posted:

At curreny price 18.5.cents the warrant is useless 

Just park over there until it raise more than 38cents   

This counter nobody want anymore unless this Q result make Money ( small profit, my opinion ) 

 

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Francisgohyc
Master
25-Aug-2025 08:36     
 
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 Alert Admin 		At curreny price 18.5.cents the warrant is useless 

Just park over there until it raise more than 38cents   

This counter nobody want anymore unless this Q result make Money ( small profit, my opinion ) 

 
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hschsc
Master
22-Aug-2025 20:11     
 
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 Alert Admin 		Top Glove issued 400,883,626  warrants this time, Why they fit the price at S$0.38 ? So  the Mother share must above $0.40, then can attact shareholder to convert it. Do TG price able to reach the target？
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FreedomAngelz
Veteran
22-Aug-2025 17:03     
 
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 Alert Admin 		China implementing that companies in china must enforce paying social security for their workers starting from 1st Sept 2025
I wonder if this policy will have a major impact on the gloves company at China
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Francisgohyc
Master
22-Aug-2025 16:26     
 
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 Alert Admin 		Bro thank for sharing, you are very detail on the progress of TG 

My opinion it will make pure profit this Q result, it will hit 25 cts by 6 month time 

Invest and finger cross 

hschsc      ( Date: 22-Aug-2025 14:55) Posted:

31/08/2025 Full year results . Will be release firt week October 2025

Top Gloves 2025 first 3 quarters Performance



According to the latest financial report data, Top Gloves showed strong recovery momentum in fiscal year 2025, reversing previous losses.


  • Continued Profitability: Top Gloves experienced steady growth in performance in the first three quarters of fiscal 2025 and achieved net profit.


    • In the first quarter of FY2025, net profit was RM17 million.


    • In the second quarter of FY2025, net profit was RM30 million, up 159% year-on-year.


    • In the third quarter of FY2025, net profit was RM34.74 million, up 14.7% QoQ.


  • Revenue Growth: In the first nine months of FY2025, the company' s revenue reached RM2.6 billion, up 55% YoY.


  • Sales and costs: The improvement in performance is mainly due to the continuous increase in sales volume and effective cost management. Although the market competition is still fierce, leading to a decline in average selling price (ASP), the company has successfully resisted market headwinds by improving capacity utilization and controlling costs.

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hschsc
Master
22-Aug-2025 14:55     
 
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 Alert Admin

31/08/2025 Full year results . Will be release firt week October 2025

Top Gloves 2025 first 3 quarters Performance



According to the latest financial report data, Top Gloves showed strong recovery momentum in fiscal year 2025, reversing previous losses.


  • Continued Profitability: Top Gloves experienced steady growth in performance in the first three quarters of fiscal 2025 and achieved net profit.


    • In the first quarter of FY2025, net profit was RM17 million.


    • In the second quarter of FY2025, net profit was RM30 million, up 159% year-on-year.


    • In the third quarter of FY2025, net profit was RM34.74 million, up 14.7% QoQ.


  • Revenue Growth: In the first nine months of FY2025, the company' s revenue reached RM2.6 billion, up 55% YoY.


  • Sales and costs: The improvement in performance is mainly due to the continuous increase in sales volume and effective cost management. Although the market competition is still fierce, leading to a decline in average selling price (ASP), the company has successfully resisted market headwinds by improving capacity utilization and controlling costs.
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Francisgohyc
Master
21-Aug-2025 14:40     
 
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 Alert Admin 		Now 19.3 cents Volume : 9235K share traded 

Francisgohyc      ( Date: 21-Aug-2025 12:28) Posted:

Bottom Up ...... 18.6 cents 


Hope it start to move up 

Francisgohyc      ( Date: 21-Aug-2025 09:10) Posted:

Last buy 20 lot at 18.3 cents before Q resulit is out 
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Francisgohyc
Master
21-Aug-2025 12:28     
 
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 Alert Admin 		Bottom Up ...... 18.6 cents 


Hope it start to move up 

Francisgohyc      ( Date: 21-Aug-2025 09:10) Posted:

Last buy 20 lot at 18.3 cents before Q resulit is out 

Francisgohyc      ( Date: 21-Aug-2025 08:34) Posted:

This report from UOB is true and clear 

TOPG turned into core losses in 3QFY25 due to a temporary weakness in US demand and intensifying competition in Europe. Nevertheless, management guided a 15-20% qoq volume sales growth in 4QFY25, reinforcing better demand and margin expansion on US distributors&rsquo normalising inventory levels. Despite optimism over growth in the coming quarters, we lower our FY25-26 earnings forecasts and acknowledge the sector&rsquo s structural de-rating.
 
  Downgrade to HOLD with a lower target price of RM0.79. 3QFY25 RESULTS Year to 31 Aug 3QFY25 qoq yoy 9M25 yoy (RMm) (RMm) % chg % chg (RMm) % chg Comment Revenue 830.3 (6.0) 30.4 2,599.8 54.7 Volume (+4% qoq), ASP (-4.5% qoq) Operating exp. (743.9) (2.4) 24.2 (2,316.4) 43.3 EBITDA 86.3 (28.7) 126.7 283.4 341.3 EBIT 8.3 (81.2) (124.3) 54.8 (135.9) Declined on weaker margins Pre-tax profit 31.2 (44.3) (46.7) 106.6 (385.2) Tax 3.2 (121.7) 1.7 (14.3) (221.3) Net PATAMI 34.7 14.7 (31.4) 70.5 (221.1) Exceptional item of RM37m in 3QFY25 Core PATAMI (2.3) (109.7) (95.8) (0.9) (99.5)
 
  Below expectations. % +/- ppt +/- ppt % +/- ppt EBITDA margin 10.4 (3.3) 4.4 10.9 7.1 Lower ASP and forex dragged margins EBIT margin 1.0 (4.0) 6.4 2.1 11.2 PBT margin 3.8 (2.6) (5.4) 4.1 6.3 Eff. tax rate 10.3 36.9 4.9 (13.4) 18.1 Core margin (0.3) (2.9) 8.1 (0.0) 11.2 Source: Top Glove, UOB Kay Hian RESULTS &bull Below expectations. Top Glove (TOPG) reported 3QFY25 core net losses of RM2.3m (2QFY25: RM23.3m core profit) due to lower revenue of RM830.3m (-6% qoq). Earnings came in weaker than expected despite improving volume sales (+5% qoq) as blended ASP ( 5% qoq) faced challenges, particularly in non-US markets. For 9MFY25, core losses of RM1m were below our and consensus expectations (expecting FY25 profit of RM80m). That said, a strong recovery is still anticipated in 4QFY25 as US demand improves after earlier frontloaded inventories are depleted. KEY
FINANCIALS Year to 31 Aug (RMm) 2023 2024 2025F 2026F 2027F Net turnover 2,257 2,516 3,559 4,567 5,323 EBITDA (163) 107 364 759 834 Operating profit (506) (180) 68 454 520 Net profit (rep./act.) (927) (62) 41 320 366 Net profit (adj.) (927) (62) 41 320 366 EPS (sen) (11.5) (0.8) 0.5 4.0 4.5 PE (x) n.a. n.a. 143.3 18.2 15.9 P/B (x) 1.2 1.3 1.3 1.2 1.2 EV/EBITDA (x) n.a. 63.7 18.8 9.0 8.2 Dividend yield (%) (4.1) 0.0 0.3 2.7 3.1 Net margin (%) (41.1) (2.5) 1.1 7.0 6.9 Net debt/(cash) to equity (%) 5.6 1.0 (3.2) (8.7) (14.1) Interest cover (x) n.a. n.a. 26.6 55.5 61.0 ROE (%) (18.0) (1.3) 0.9 6.8 7.5 Consensus net profit - - 82.2 196.4 261.7 UOBKH/Consensus (x) - - 0.5 1.5 1.3 Source: Top Glove, Bloomberg, UOB Kay Hian 1 18 Refer to last page for important disclosures. R e g i o n a l M o r n i n g N o t e s Monday, 30 June 2025 &bull Mixed operating parameters in 3QFY25. 3QFY25 volume sales strengthened 5% qoq, reflecting a modest demand recovery from customers. Nevertheless, TOPG charted declining revenue and core profitability as ASP contracted 5% qoq to around US$19/&rsquo 000 pcs due to intensifying competition from China competitors.
 
This was also dragged by softening MYR/USD rates (-1.7% qoq) despite lower raw material costs (-1% qoq per carton). Utilisation rate for the quarter is about 61% based on the current effective capacity of approximately 64b pieces annually (2QFY25: 58%). STOCK IMPACT &bull Management guiding potential 15-20% volume sales improvement in 4QFY25. We understand that TOPG&rsquo s June utilisation rate improved to 65% (2QFY25: 61%). Management estimates that 4QFY25 demand will see strong improvement as US distributors&rsquo overstocked inventories are near depletion. The coming quarters&rsquo earnings growth will be supported by: a) higher US sales mix (3QFY25:26%) with higher ASP, b) declining raw material costs and natural gas tariffs, and c) margin expansion on better efficiency and utilisation rate. Against the backdrop of these tailwinds, TOPG&rsquo s earnings are on the cusp of a progressive earnings recovery throughout 4QFY25-FY26. &bull US distributors to resume orders as overstocked inventories depleting. The current US tariffs on China medical gloves (80% in 2025, 130% in 2026) are much higher than Malaysia&rsquo s (10%). While this pushed US distributors to frontload their purchases in Sep-Dec 24, we estimate that the frontloaded inventories are at a six- to seven-month level. As such, beginning 4QFY25, we expect TOPG to see a meaningful surge in US orders, accompanied by better ASP. &bull Intensifying competition in Europe, but manageable. Outside of the US, we anticipate more aggressive ASP competition from China manufacturers in other regions. With the loss of US sales, we reckon intense competition from China manufacturers will cap ASP upside in non-US markets for
Malaysian producers. That said, we estimate China glove manufacturers&rsquo breakeven ASP at US$15/&rsquo 000 pieces, and they are unlikely to excessively dump their inventories at lower ASPs. The potential decline in Europe sales will likely be mitigated by increasing US orders. &bull Strengthening competitiveness promises survival. We understand that TOPG&rsquo s current breakeven cost for generic nitrile gloves is US$14-15/&rsquo 000 pieces, comparable with its China competitors. Despite earnings facing an upward slope to recover close to pre-pandemic&rsquo s level, we opine that TOPG&rsquo s improving efficiency and cost base promise a gradual recovery in operating matrixes. With the recent redemption of perpetual sukuk and borrowings reduction, TOPG&rsquo s gearing ratio is also reduced to 0.1x (FY19: 0.85x). We expect a stronger operating cash flow and balance sheet in the coming quarters. EARNINGS REVISION/RISK
We recalibrated our FY25-26 earnings downward by 48% and 8% respectively as we lowered our volume sales forecasts and reduce ASP forecasts for FY25-27 to US$21-22 (from US$22-23). This is to factor in intensifying competition in the non-US markets. VALUATION/RECOMMENDATION &bull Downgrade to HOLD with a lower target price of RM0.79 (from RM0.84), based on 19x 2026F PE (-1SD below mean).
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Francisgohyc
Master
21-Aug-2025 09:10     
 
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 Alert Admin 		Last buy 20 lot at 18.3 cents before Q resulit is out 

Francisgohyc      ( Date: 21-Aug-2025 08:34) Posted:

This report from UOB is true and clear 

TOPG turned into core losses in 3QFY25 due to a temporary weakness in US demand and intensifying competition in Europe. Nevertheless, management guided a 15-20% qoq volume sales growth in 4QFY25, reinforcing better demand and margin expansion on US distributors&rsquo normalising inventory levels. Despite optimism over growth in the coming quarters, we lower our FY25-26 earnings forecasts and acknowledge the sector&rsquo s structural de-rating.
 
  Downgrade to HOLD with a lower target price of RM0.79. 3QFY25 RESULTS Year to 31 Aug 3QFY25 qoq yoy 9M25 yoy (RMm) (RMm) % chg % chg (RMm) % chg Comment Revenue 830.3 (6.0) 30.4 2,599.8 54.7 Volume (+4% qoq), ASP (-4.5% qoq) Operating exp. (743.9) (2.4) 24.2 (2,316.4) 43.3 EBITDA 86.3 (28.7) 126.7 283.4 341.3 EBIT 8.3 (81.2) (124.3) 54.8 (135.9) Declined on weaker margins Pre-tax profit 31.2 (44.3) (46.7) 106.6 (385.2) Tax 3.2 (121.7) 1.7 (14.3) (221.3) Net PATAMI 34.7 14.7 (31.4) 70.5 (221.1) Exceptional item of RM37m in 3QFY25 Core PATAMI (2.3) (109.7) (95.8) (0.9) (99.5)
 
  Below expectations. % +/- ppt +/- ppt % +/- ppt EBITDA margin 10.4 (3.3) 4.4 10.9 7.1 Lower ASP and forex dragged margins EBIT margin 1.0 (4.0) 6.4 2.1 11.2 PBT margin 3.8 (2.6) (5.4) 4.1 6.3 Eff. tax rate 10.3 36.9 4.9 (13.4) 18.1 Core margin (0.3) (2.9) 8.1 (0.0) 11.2 Source: Top Glove, UOB Kay Hian RESULTS &bull Below expectations. Top Glove (TOPG) reported 3QFY25 core net losses of RM2.3m (2QFY25: RM23.3m core profit) due to lower revenue of RM830.3m (-6% qoq). Earnings came in weaker than expected despite improving volume sales (+5% qoq) as blended ASP ( 5% qoq) faced challenges, particularly in non-US markets. For 9MFY25, core losses of RM1m were below our and consensus expectations (expecting FY25 profit of RM80m). That said, a strong recovery is still anticipated in 4QFY25 as US demand improves after earlier frontloaded inventories are depleted. KEY
FINANCIALS Year to 31 Aug (RMm) 2023 2024 2025F 2026F 2027F Net turnover 2,257 2,516 3,559 4,567 5,323 EBITDA (163) 107 364 759 834 Operating profit (506) (180) 68 454 520 Net profit (rep./act.) (927) (62) 41 320 366 Net profit (adj.) (927) (62) 41 320 366 EPS (sen) (11.5) (0.8) 0.5 4.0 4.5 PE (x) n.a. n.a. 143.3 18.2 15.9 P/B (x) 1.2 1.3 1.3 1.2 1.2 EV/EBITDA (x) n.a. 63.7 18.8 9.0 8.2 Dividend yield (%) (4.1) 0.0 0.3 2.7 3.1 Net margin (%) (41.1) (2.5) 1.1 7.0 6.9 Net debt/(cash) to equity (%) 5.6 1.0 (3.2) (8.7) (14.1) Interest cover (x) n.a. n.a. 26.6 55.5 61.0 ROE (%) (18.0) (1.3) 0.9 6.8 7.5 Consensus net profit - - 82.2 196.4 261.7 UOBKH/Consensus (x) - - 0.5 1.5 1.3 Source: Top Glove, Bloomberg, UOB Kay Hian 1 18 Refer to last page for important disclosures. R e g i o n a l M o r n i n g N o t e s Monday, 30 June 2025 &bull Mixed operating parameters in 3QFY25. 3QFY25 volume sales strengthened 5% qoq, reflecting a modest demand recovery from customers. Nevertheless, TOPG charted declining revenue and core profitability as ASP contracted 5% qoq to around US$19/&rsquo 000 pcs due to intensifying competition from China competitors.
 
This was also dragged by softening MYR/USD rates (-1.7% qoq) despite lower raw material costs (-1% qoq per carton). Utilisation rate for the quarter is about 61% based on the current effective capacity of approximately 64b pieces annually (2QFY25: 58%). STOCK IMPACT &bull Management guiding potential 15-20% volume sales improvement in 4QFY25. We understand that TOPG&rsquo s June utilisation rate improved to 65% (2QFY25: 61%). Management estimates that 4QFY25 demand will see strong improvement as US distributors&rsquo overstocked inventories are near depletion. The coming quarters&rsquo earnings growth will be supported by: a) higher US sales mix (3QFY25:26%) with higher ASP, b) declining raw material costs and natural gas tariffs, and c) margin expansion on better efficiency and utilisation rate. Against the backdrop of these tailwinds, TOPG&rsquo s earnings are on the cusp of a progressive earnings recovery throughout 4QFY25-FY26. &bull US distributors to resume orders as overstocked inventories depleting. The current US tariffs on China medical gloves (80% in 2025, 130% in 2026) are much higher than Malaysia&rsquo s (10%). While this pushed US distributors to frontload their purchases in Sep-Dec 24, we estimate that the frontloaded inventories are at a six- to seven-month level. As such, beginning 4QFY25, we expect TOPG to see a meaningful surge in US orders, accompanied by better ASP. &bull Intensifying competition in Europe, but manageable. Outside of the US, we anticipate more aggressive ASP competition from China manufacturers in other regions. With the loss of US sales, we reckon intense competition from China manufacturers will cap ASP upside in non-US markets for
Malaysian producers. That said, we estimate China glove manufacturers&rsquo breakeven ASP at US$15/&rsquo 000 pieces, and they are unlikely to excessively dump their inventories at lower ASPs. The potential decline in Europe sales will likely be mitigated by increasing US orders. &bull Strengthening competitiveness promises survival. We understand that TOPG&rsquo s current breakeven cost for generic nitrile gloves is US$14-15/&rsquo 000 pieces, comparable with its China competitors. Despite earnings facing an upward slope to recover close to pre-pandemic&rsquo s level, we opine that TOPG&rsquo s improving efficiency and cost base promise a gradual recovery in operating matrixes. With the recent redemption of perpetual sukuk and borrowings reduction, TOPG&rsquo s gearing ratio is also reduced to 0.1x (FY19: 0.85x). We expect a stronger operating cash flow and balance sheet in the coming quarters. EARNINGS REVISION/RISK
We recalibrated our FY25-26 earnings downward by 48% and 8% respectively as we lowered our volume sales forecasts and reduce ASP forecasts for FY25-27 to US$21-22 (from US$22-23). This is to factor in intensifying competition in the non-US markets. VALUATION/RECOMMENDATION &bull Downgrade to HOLD with a lower target price of RM0.79 (from RM0.84), based on 19x 2026F PE (-1SD below mean).
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Francisgohyc
Master
21-Aug-2025 08:34     
 
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 Alert Admin 		This report from UOB is true and clear 

TOPG turned into core losses in 3QFY25 due to a temporary weakness in US demand and intensifying competition in Europe. Nevertheless, management guided a 15-20% qoq volume sales growth in 4QFY25, reinforcing better demand and margin expansion on US distributors&rsquo normalising inventory levels. Despite optimism over growth in the coming quarters, we lower our FY25-26 earnings forecasts and acknowledge the sector&rsquo s structural de-rating.
 
  Downgrade to HOLD with a lower target price of RM0.79. 3QFY25 RESULTS Year to 31 Aug 3QFY25 qoq yoy 9M25 yoy (RMm) (RMm) % chg % chg (RMm) % chg Comment Revenue 830.3 (6.0) 30.4 2,599.8 54.7 Volume (+4% qoq), ASP (-4.5% qoq) Operating exp. (743.9) (2.4) 24.2 (2,316.4) 43.3 EBITDA 86.3 (28.7) 126.7 283.4 341.3 EBIT 8.3 (81.2) (124.3) 54.8 (135.9) Declined on weaker margins Pre-tax profit 31.2 (44.3) (46.7) 106.6 (385.2) Tax 3.2 (121.7) 1.7 (14.3) (221.3) Net PATAMI 34.7 14.7 (31.4) 70.5 (221.1) Exceptional item of RM37m in 3QFY25 Core PATAMI (2.3) (109.7) (95.8) (0.9) (99.5)
 
  Below expectations. % +/- ppt +/- ppt % +/- ppt EBITDA margin 10.4 (3.3) 4.4 10.9 7.1 Lower ASP and forex dragged margins EBIT margin 1.0 (4.0) 6.4 2.1 11.2 PBT margin 3.8 (2.6) (5.4) 4.1 6.3 Eff. tax rate 10.3 36.9 4.9 (13.4) 18.1 Core margin (0.3) (2.9) 8.1 (0.0) 11.2 Source: Top Glove, UOB Kay Hian RESULTS &bull Below expectations. Top Glove (TOPG) reported 3QFY25 core net losses of RM2.3m (2QFY25: RM23.3m core profit) due to lower revenue of RM830.3m (-6% qoq). Earnings came in weaker than expected despite improving volume sales (+5% qoq) as blended ASP ( 5% qoq) faced challenges, particularly in non-US markets. For 9MFY25, core losses of RM1m were below our and consensus expectations (expecting FY25 profit of RM80m). That said, a strong recovery is still anticipated in 4QFY25 as US demand improves after earlier frontloaded inventories are depleted. KEY
FINANCIALS Year to 31 Aug (RMm) 2023 2024 2025F 2026F 2027F Net turnover 2,257 2,516 3,559 4,567 5,323 EBITDA (163) 107 364 759 834 Operating profit (506) (180) 68 454 520 Net profit (rep./act.) (927) (62) 41 320 366 Net profit (adj.) (927) (62) 41 320 366 EPS (sen) (11.5) (0.8) 0.5 4.0 4.5 PE (x) n.a. n.a. 143.3 18.2 15.9 P/B (x) 1.2 1.3 1.3 1.2 1.2 EV/EBITDA (x) n.a. 63.7 18.8 9.0 8.2 Dividend yield (%) (4.1) 0.0 0.3 2.7 3.1 Net margin (%) (41.1) (2.5) 1.1 7.0 6.9 Net debt/(cash) to equity (%) 5.6 1.0 (3.2) (8.7) (14.1) Interest cover (x) n.a. n.a. 26.6 55.5 61.0 ROE (%) (18.0) (1.3) 0.9 6.8 7.5 Consensus net profit - - 82.2 196.4 261.7 UOBKH/Consensus (x) - - 0.5 1.5 1.3 Source: Top Glove, Bloomberg, UOB Kay Hian 1 18 Refer to last page for important disclosures. R e g i o n a l M o r n i n g N o t e s Monday, 30 June 2025 &bull Mixed operating parameters in 3QFY25. 3QFY25 volume sales strengthened 5% qoq, reflecting a modest demand recovery from customers. Nevertheless, TOPG charted declining revenue and core profitability as ASP contracted 5% qoq to around US$19/&rsquo 000 pcs due to intensifying competition from China competitors.
 
This was also dragged by softening MYR/USD rates (-1.7% qoq) despite lower raw material costs (-1% qoq per carton). Utilisation rate for the quarter is about 61% based on the current effective capacity of approximately 64b pieces annually (2QFY25: 58%). STOCK IMPACT &bull Management guiding potential 15-20% volume sales improvement in 4QFY25. We understand that TOPG&rsquo s June utilisation rate improved to 65% (2QFY25: 61%). Management estimates that 4QFY25 demand will see strong improvement as US distributors&rsquo overstocked inventories are near depletion. The coming quarters&rsquo earnings growth will be supported by: a) higher US sales mix (3QFY25:26%) with higher ASP, b) declining raw material costs and natural gas tariffs, and c) margin expansion on better efficiency and utilisation rate. Against the backdrop of these tailwinds, TOPG&rsquo s earnings are on the cusp of a progressive earnings recovery throughout 4QFY25-FY26. &bull US distributors to resume orders as overstocked inventories depleting. The current US tariffs on China medical gloves (80% in 2025, 130% in 2026) are much higher than Malaysia&rsquo s (10%). While this pushed US distributors to frontload their purchases in Sep-Dec 24, we estimate that the frontloaded inventories are at a six- to seven-month level. As such, beginning 4QFY25, we expect TOPG to see a meaningful surge in US orders, accompanied by better ASP. &bull Intensifying competition in Europe, but manageable. Outside of the US, we anticipate more aggressive ASP competition from China manufacturers in other regions. With the loss of US sales, we reckon intense competition from China manufacturers will cap ASP upside in non-US markets for
Malaysian producers. That said, we estimate China glove manufacturers&rsquo breakeven ASP at US$15/&rsquo 000 pieces, and they are unlikely to excessively dump their inventories at lower ASPs. The potential decline in Europe sales will likely be mitigated by increasing US orders. &bull Strengthening competitiveness promises survival. We understand that TOPG&rsquo s current breakeven cost for generic nitrile gloves is US$14-15/&rsquo 000 pieces, comparable with its China competitors. Despite earnings facing an upward slope to recover close to pre-pandemic&rsquo s level, we opine that TOPG&rsquo s improving efficiency and cost base promise a gradual recovery in operating matrixes. With the recent redemption of perpetual sukuk and borrowings reduction, TOPG&rsquo s gearing ratio is also reduced to 0.1x (FY19: 0.85x). We expect a stronger operating cash flow and balance sheet in the coming quarters. EARNINGS REVISION/RISK
We recalibrated our FY25-26 earnings downward by 48% and 8% respectively as we lowered our volume sales forecasts and reduce ASP forecasts for FY25-27 to US$21-22 (from US$22-23). This is to factor in intensifying competition in the non-US markets. VALUATION/RECOMMENDATION &bull Downgrade to HOLD with a lower target price of RM0.79 (from RM0.84), based on 19x 2026F PE (-1SD below mean).
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agoago
Member
20-Aug-2025 17:51     
 
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 Alert Admin 		Sharing a good analysis on this Top Glove at https://tinyurl.com/fmasve6d
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Francisgohyc
Master
20-Aug-2025 17:17     
 
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 Alert Admin 		At the price 18.4c the warrant is no use 

Buy and wait for at least six months
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ching^^
Senior
20-Aug-2025 14:38     
 
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 Alert Admin 		this is good or bad?

PiRPiR      ( Date: 20-Aug-2025 13:07) Posted:

12:59 AM EDT, 08/20/2025 (MT Newswires) -- Top Glove (SGX:BVA, KLSE:TOPGLOV) issued 1,000 shares at SG$0.38 per share, pursuant to the exercise of warrants, according to a filing with the Singapore Exchange on Wednesday.

The issued shares will be listed on Aug. 21, the filing said.
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PiRPiR
Master
20-Aug-2025 13:07     
 
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 Alert Admin 		12:59 AM EDT, 08/20/2025 (MT Newswires) -- Top Glove (SGX:BVA, KLSE:TOPGLOV) issued 1,000 shares at SG$0.38 per share, pursuant to the exercise of warrants, according to a filing with the Singapore Exchange on Wednesday.

The issued shares will be listed on Aug. 21, the filing said.
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Francisgohyc
Master
20-Aug-2025 09:17     
 
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 Alert Admin 		You may short but I will keep buying, there is no right or wrong 

History will tell after 6 months time, tarriff will not be so soon settle 
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tonytony
Veteran
19-Aug-2025 10:18     
 
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 Alert Admin 		Best price to short not buy !

Francisgohyc      ( Date: 19-Aug-2025 08:39) Posted:

This is the best price to entry at 18.5c, if I am correct this Q will make pure profit 

Keep on buying to leverage it, no choice   

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Francisgohyc
Master
19-Aug-2025 08:39     
 
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 Alert Admin 		This is the best price to entry at 18.5c, if I am correct this Q will make pure profit 

Keep on buying to leverage it, no choice   
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Newcomer19707016
Veteran
18-Aug-2025 15:54     
 
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 Alert Admin 		Top Glove left $0.185. Drop so much. How to break even?
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tonytony
Veteran
18-Aug-2025 15:11     
 
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 Alert Admin 		Shortists are insiders , SBBs from shortists 和 ， how to fight them ? Die faster only
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