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highlander
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30-Sep-2021 16:29

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No plans to impose windfall tax on glovemakers, sectors that made extraordinary profits during Covid-19 pandemic, says Finance Minister,Tengku Zafrul.

(theedgemarkets.com / September 30, 2021 13:26 pm +08)

https://www.theedgemarkets.com/article/no-plans-impose-windfall-tax-glovemakers-sectors-made-extraordinary-profits-during-covid19

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Longtermer
Elite

30-Sep-2021 13:54

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Yells: "A disciplined investor is a wealthy investor"

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Goldman Sachs cuts China growth forecast over power outages

Goldman Sachs has become the latest banking giant to cut its growth forecast for China, as the country struggles with energy shortages.

It now expects the world' s second largest economy to expand by 7.8% this year, down from its previous prediction of 8.2%. The firm says major industrial output cuts caused by power outages add significant downside pressures.

It estimates as much as 44% of China' s industrial activity has been affected.

The power supply crunch, caused by environmental controls, supply constraints and soaring prices, has left some factories and homes without electricity. The energy shortage at first affected manufacturers across the country, many of whom have had to curb or stop production in recent weeks....

There is no doubt that China gloves and PPE production will be affected by the energy shortage.
It is how much the supply will be dropped over the coming few quarters?
And how they recalibrate their expansion plans going fwd in view of the challenges faced.

Read the full report..
https://www.bbc.com/news/business-58704200

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sutiono
Veteran

30-Sep-2021 13:31

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Check your private mail box

Everyday ( Date: 30-Sep-2021 13:14) Posted:

Recovered fr opening 88.50 cents to now 89.50 cents...

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Everyday
Elite

30-Sep-2021 13:14

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Recovered fr opening 88.50 cents to now 89.50 cents...

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sklong138
Elite

29-Sep-2021 00:40

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https://www.channelnewsasia.com/singapore/singapore-new-covid-19-cases-sep-28-record-2236-5-deaths-2206351

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PhillipTan
Supreme

29-Sep-2021 00:30

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Rubber products sector supernormal earnings on final legs

The anticipated normalisation of earnings for the rubber products sector has begun as the supernormal earnings are in their final legs, says RHB Group Research analysts.

In a Sept 28 note, analyst Sean Chew maintains " neutral" on the rubber products sector, with a " neutral" recommendation on six out of the eight regional stocks covered as the expectation of average selling price (ASP) moderation has been largely priced in.

The selling prices of rubber gloves have fallen from the highs, with current ASPs of nitrile and latex gloves ranging between US$40 to US$45 and US$30 to US$35 respectively per 1,000 pieces.

Due to this, RHB is trimming its normalised price assumption per 1,000 pieces to US$27 for nitrile and US$21 for latex. This is based on the expectations that prices will revert back to the cost-plus basis, says Chew.

" Glove capacity expansion plans are dependent on supply and demand dynamics, which in turn determine selling prices. Listed glove manufacturers under our coverage are expected to expand their production capacity to 319 billion pieces per annum by 2023.

" Given the quicker-than-expected price erosion, we believe glove makers may decide to scale back on their expansion plans to prevent the risk of oversupply and suboptimal utilisation rates," says Chew.

However, if non-Malaysian manufacturers proceed with their aggressive expansion, the Malaysian manufacturers would suffer in market share loss. This may result in the latter reacting by continuing their expansion and possibly under-pricing their products, says Chew.

" Additionally, manufacturers are likely to prioritise clearing their high-cost inventory when ASPs trend south, with prices overshooting downwards before settling at a higher equilibrium. As such, prices could fall below our expectations and pose a margin compression risk to our forecast," he adds.

RHB believes that a steeper price war resulting in prices falling to cost-efficient levels could prompt a further sector de-rating.

By collating publicly announced expansion plans by various manufacturers and conducting a supply and demand analysis, RHB found that an oversupply scenario is unlikely to happen for the next two years. The dynamics, however, may be close to parity in 2023.

Given the sharp moderation in share prices recently, RHB believes the aforementioned factors have largely been accounted for, with domestic institutions heavily reducing their exposure for the past few months.

" That being said, we have yet to see value or catalysts to rerate the sector and the balance of risks still remain tilted towards the downside," says Chew.

In the Malaysia space, RHB favours Top Glove, given its entrenched market leadership. Additionally, Top Glove' s exposure to latex gloves (49% of FY21 sales volume) points to lesser price competition versus its pure-nitrile peers.

In the Singapore space, the firm likes Riverstone, as the downtrend in healthcare glove ASP will partly be cushioned by its higher-margin cleanroom segment which continues to enjoy demand arising from the growing tech manufacturing and pharmaceutical sectors.

RHB maintains Riverstone at " neutral" with a new target price of 95 cents, representing a 4% upside. The firm' s analyst cut its FY22F to FY23F earnings by 71% and 55% after revising its ASP assumptions.

The firm also incorporated a 2% environmental, social and governance (ESG) discount to its target price, as RHB' s proprietary methodology found that Riverstone' s ESG is below the country mean.

RHB also remains " neutral" for UG Healthcare, with a lower discounted cash-flow-derived target price of 37 cents. After revising its ASP assumptions, the RHB analyst slashed its FY22F to FY23F earnings by 27% and 18%. The firm ascribed a 6% ESG discount to the target price as UG Healthcare' s ESG stands below the country mean.

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n3wbie
Elite

29-Sep-2021 00:13

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The entire glove sector is just being penalised quite unnecessarily frankly. Most of the Malaysian peers rebounded slightly after data was published on Malaysia exports to the US - increased 12.1% yoy in Aug on higher shipments of rubber products.

RSTON trades at 2.8x PE of which 32% of the company is net cash (c.MYR1.3b) and EV/EBITDA is 1.3. With a free float of c.30%, the company might as well be privatised or bought out by a private equity. Simply too cheap to ignore given that it also has the exposure to cleanroom gloves. Let' s see how low Mr Market brings this stock to.

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highlander
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28-Sep-2021 19:02

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@sutiono, could you check again ? Think it' s 410,200 shares.

sutiono ( Date: 28-Sep-2021 18:37) Posted:

Today short qty more than 1.2m shares .

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sutiono
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28-Sep-2021 18:37

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Today short qty more than 1.2m shares .

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ksangks
Senior

28-Sep-2021 15:50

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A friend here sent me a mail for something special . Please open your private mail box to see whether you have received.

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tritonyeah6666
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28-Sep-2021 14:48

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Hope Rston holders can have some peace

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ringo88
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28-Sep-2021 13:12

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Medical counters are great - in so many ways.

Traders see opportunities to make money.

Longists see the potential to gain by averaging down and wait for a resurgence.

Investors and newbies can see the entry point as relatively low. With an option to cut quick if need be.

Early days players are probably enjoying early retirement : )

Nothing anyone says here can impact the counter in any way. Positive or otherwise, don't be spooked.

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ksangks
Senior

28-Sep-2021 12:55

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Just treat such guy as good for nothing !

Alson18 ( Date: 28-Sep-2021 12:41) Posted:

At such low level, keep on attacking!

Alson18 ( Date: 28-Sep-2021 12:38) Posted:

FULLY AGREE!

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Alson18
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28-Sep-2021 12:41

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At such low level, keep on attacking!

Alson18 ( Date: 28-Sep-2021 12:38) Posted:

FULLY AGREE!

ss2017. ( Date: 28-Sep-2021 11:56) Posted:

When you keep writing downgrade comment. Your reputation will go with it. Take care.

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Alson18
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28-Sep-2021 12:38

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FULLY AGREE!

ss2017. ( Date: 28-Sep-2021 11:56) Posted:

When you keep writing downgrade comment. Your reputation will go with it. Take care.

ss2017. ( Date: 28-Sep-2021 11:53) Posted:

Bro,
There is no need to be too negative in your view.

Give them, give this forum a peace by refraining from negative comment.

Can't you see that now mkt is at rebound state. Response to mkt not what you want to see or you believe in. Be fare to this counter.

Not vested.

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moron101
Supreme

28-Sep-2021 12:28

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Globally gloves still in high demand as pandemic situations are improving at a super slow pace. Will go back to above $1.00 soon. Be patient.🙏 🙏

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ss2017.
Supreme

28-Sep-2021 11:56

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When you keep writing downgrade comment. Your reputation will go with it. Take care.

ss2017. ( Date: 28-Sep-2021 11:53) Posted:

wavehunter ( Date: 28-Sep-2021 09:48) Posted:

Going forward, earnings for glove makers will no longer be supernormal.
Its a matter of time before analysts issue a sector downgrade for this industry.
Chart-wise, if 0.885 breaks, next support is 0.845.
And if 0.845 breaks, then no eyes see.
That so called massive shortcovering rally ain' t happening.
Dont count on it.
All the best to those looking to exit.

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Everyday
Elite

28-Sep-2021 11:54

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Riverstone went up fr 0.895 to 0.910 as of 11.55am.....Riverstone is not listed in Bursa .
Only in Spore....so hopefully move independently fr Malaysian Glove counters sentiment.
Anyway for today Top Glove recovers in Bursa from R$2.68 to $2.78
In Spore TG recover fr 0.860 to 0.890.

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ss2017.
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28-Sep-2021 11:53

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wavehunter ( Date: 28-Sep-2021 09:48) Posted:

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ringo88
Senior

28-Sep-2021 11:51

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BroPo.. good morning 🙂

nghonpo ( Date: 28-Sep-2021 11:47) Posted:

Market is slow, so anything to keep occupied. After all, Mouth Talk , L P Song.

msksmsks ( Date: 28-Sep-2021 10:08) Posted:

Thankyou for yr selfless reminder

Different grade of durians also command different pricing. Likewise glove makers too. Some of them wl outperform than it's peers in same industry, so can't benchmark and lump altogether.

Supergrowth had peaked and plateaued . This Is inevitable and likewise price also decline fm peak to current pricing.

The curve wl flatten after the prolong correction in ASP , demand etc.....but gg.forward, I reckoned the health awareness wl keep the glove makers biz thriving and certain industry wl need more due expansion such as 5G rollout etc.

U hv make yr points clear and loud. Needless for u to come and bombard this counter so often if no vested interest else really suspicious. Come and vindicate it when time due and claimed yr glory.

I also put my views on test and I hope I'm right.

Only time wl tell and numbers Don lie

Cheers

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