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A lot shorted at 0.27 / 0.275 but bad luck last hour kena BBs pump up to cover at high price
More power coming up .Buy when less buyer..Cheers!
" ..UOBKH expects narrowing H2 losses for Malaysia&rsquo s glove sector, flags deep value opportunity.."
no wonder the mini rally...
more power ok
no wonder the mini rally...
more power ok
Analysts positive on Top Glove, but mixed on whether the worst is over
ANALYSTS have raised their target prices on Top Glove Corporation : BVA +8.51% but are mixed on whether the worst is over for the world&rsquo s biggest glove maker.
UOB Kay Hian on Friday (Mar 17) raised its recommendation on Top Glove to &ldquo buy&rdquo from &ldquo hold&rdquo . It also raised its target price on the counter to RM0.95 from RM0.74, implying a potential upside of 7.3 per cent from Top Glove&rsquo s trading price of RM0.885 as at 4.20 pm. Its Bursa-listed shares were trading 6 per cent higher at the time.
The research team switched its valuation method to price-to-earnings (PE) from price-to-book (PB) to account for Top Glove&rsquo s losses in FY2023. After rolling over its valuations to a profitable 2024, it views using the PE valuation method as more appropriate.
Meanwhile, CGS-CIMB upgraded Top Glove to &ldquo hold&rdquo from &ldquo reduce&rdquo and nearly doubled its target price to RM0.82 from RM0.46, after switching its valuation methodology to PB from PE. The new target price implies a potential downside of 7.3 per cent.
Unlike UOBKH, CGS-CIMB believes a PE methodology would not be able to reflect Top Glove&rsquo s value as the group is expected to report quarterly losses of up to Q2 2024 due to the weak operating climate in the glove sector.
That said, both UOBKH and CGS-CIMB believe the worst is over for Top Glove and expect gradual increases in average selling prices (ASP) and sales volume moving forward. Valuations have also become attractive, and the reward-to-risk ratio is now more favourable.
In contrast, Maybank reiterated &ldquo sell&rdquo on the counter but raised its target price to RM0.57 from RM0.35, implying a potential downside of 35.6 per cent. It only expects Top Glove&rsquo s financial performance to turn around in FY2025.
The research team now projects FY2023 net loss to widen to RM507 million and continue into FY2024 with a loss of RM154 million. This was after accounting for lower average plant utilisation rates and higher blended ASP assumptions.
For all three research houses, Top Glove&rsquo s recent earnings had disappointed. On Thursday, the group posted a net loss of RM164.7 million (S$49.3 million) for the second quarter ended Feb 28, 2023, compared with a net profit in the year-ago period. Revenue fell 58 per cent to RM618 million.
This came as the group grapples with an ongoing glove oversupply situation, a softer order book and rising production costs.
UOBKH believes this is the bottom for operating margins, as Top Glove has raised its ASPs significantly heading into the third quarter of FY2023. While it echoes the sentiment, CGS-CIMB&rsquo s research team does not think the quantum of ASP hikes at this junction is sufficient to pass on higher input costs.
&ldquo Also, we caution that current global demand for gloves remains subpar, as we estimate Top Glove&rsquo s utilisation rate to be in the region of 35-40 per cent in H2 2023, and expect only a slight improvement,&rdquo said CGS-CIMB Walter Aw.
Maybank noted that plant utilisation rate remained low at 32 per cent in Q2 due to stiff competition globally, especially from China.
Thank you BBs! Today going to close with good profits. Hope everyone HUAt!
Let?s see how the BBs clear the 3mils 250,
Looks like going to breakup, think can clear 250 soon, HUAT
tankoksee ( Date: 17-Mar-2023 15:06) Posted:
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co has an optimistic n positive forecast for coming results!
eric998 ( Date: 17-Mar-2023 14:45) Posted:
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Shorts covering?
arkan1111 ( Date: 17-Mar-2023 12:00) Posted:
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As long as share price up should be good. This SGX ma!
biper66 ( Date: 16-Mar-2023 13:26) Posted:
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Top Glove reports RM164.7 million loss for Q2
THE ongoing glove oversupply situation, a softer order book and rising production costs have led Top Glove : BVA +14.63% to turn in a net loss of RM164.7 million (S$49.4 million) for the second quarter of FY2023.
This translates to a loss per share (LPS) of 2.06 sen, as opposed to the 1.09 sen earnings per share (EPS) recorded the previous year.
For the quarter ended Feb 28, 2023, the glove manufacturer reported revenue of RM618 million, representing a 58 per cent decline from RM1.5 billion in revenue for Q2 FY2022.
For the half year ended Feb 28, the group reported a loss of RM332.9 million, as opposed to a profit of RM272.3 million for H1 FY2022. Its LPS for H1 was 4.16 sen, against the previous year&rsquo s H1 EPS of 3.41 sen.
Revenue for H1 stood at RM1.3 billion, down 60 per cent year on year from RM3.1 billion.
In its results filing on Thursday (Mar 16), Top Glove said its financial performance in the year to date was &ldquo weighed heavily&rdquo by headwinds in the glove industry, as its order book softened amid persistent destocking activity due to excess customer inventory.
This was aggravated by the ongoing glove oversupply situation combined with a lack of customer urgency to place orders, added Top Glove, as shorter delivery times resulted from lower manufacturer utilisation.
Rising production costs, which the group was unable to pass down to customers due to moderating average selling prices (ASPs), also contributed to the muted financial results.
While Top Glove said sales have started to pick up as customers&rsquo glove inventory levels move closer to normality, not all orders received will prove feasible due to lower price points.
&ldquo As the glove industry faces losses coupled with escalating costs, the industry has started to revise selling prices upwards from February 2023, which is a necessary step towards the industry&rsquo s eventual recovery and sustainability,&rdquo noted the company.
It maintained that its recent financial performance &ldquo will not be representative of the group&rsquo s or industry&rsquo s actual potential&rdquo due to a convergence of headwinds such as rebalancing demand and supply, coupled with softer ASPs and cost increases.
In its opinion, the long-term industry prospects are &ldquo still promising&rdquo .
&ldquo We are under no illusion and remain mindful that the market will continue to equilibrate in the near term. Nonetheless, we believe that the glove industry will recover in due course as its fundamentals remain robust and unchanged,&rdquo said managing director Lim Cheong Guan.
Is this considered good-in line?
will price go up?
will price go up?
spursfan ( Date: 16-Mar-2023 13:16) Posted:
https://links.sgx.com/1.0.0/corporate-announcements/2ZTTHYWPCPAAAXBV/750043_TopGlove_2QFY2023_Financial_Results_16.03.2023.pdf | |||||||||||||||||||||||||||||||||||||||||||
Quarterly rpt on consolidated results for the financial period ended 28 Feb 2023
SUMMARY OF KEY FINANCIAL INFORMATION 28 Feb 2023
| INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
| CURRENT YEAR QUARTER |
PRECEDING YEAR CORRESPONDING QUARTER |
CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD |
||
| 28 Feb 2023 | 28 Feb 2022 | 28 Feb 2023 | 28 Feb 2022 | ||
| $$' 000 | $$' 000 | $$' 000 | $$' 000 | ||
| 1 | Revenue | 618,006 | 1,478,615 | 1,250,537 | 3,089,746 |
| 2 | Profit/(loss) before tax | -145,929 | 112,275 | -297,571 | 371,119 |
| 3 | Profit/(loss) for the period | -154,972 | 102,336 | -312,593 | 304,708 |
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent | -164,666 | 87,549 | -332,904 | 273,266 |
https://links.sgx.com/1.0.0/corporate-announcements/2ZTTHYWPCPAAAXBV/750043_TopGlove_2QFY2023_Financial_Results_16.03.2023.pdf
yes. how the results?
spursfan ( Date: 16-Mar-2023 12:43) Posted:
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For 2QFY2023, the Group&rsquo s results were largely flattish against 1QFY2023, with Sales Revenue of RM618 million and Loss After Tax of RM155 million, while there was an improvement in Sales Volume (Quantity Sold) as compared with the preceding quarter. On a half yearly basis, 1HFY2023 Sales Revenue amounted to RM1.25 billion with Loss After Tax of RM313 million
Trading halt pending release of 2Q results
You have been warned
At one tenth of current capacity?
Ovywind ( Date: 06-Feb-2023 19:54) Posted:
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pls bare in mind glove' s industry was existing before covid also
investshare ( Date: 19-Jan-2023 19:04) Posted:
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gogogo riverstone top glove covid play