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Top Glove set to capture more market share in US
$Top Glove (BVA.SG)$ $TOPGLOV (7113.MY)$
Top Glove is expected to register a robust recovery, buoyed by a strong uptick in orders from the United States that could drive double-digit sales volume growth in the fourth quarter of its financial year ending Aug 31, 2025 (4Q25) analysts say.
The company sees the United States as a key growth engine, with current momentum in exports pointing to a steady climb in market share.
During a recent meeting with Top Glove&rsquo s management, Kenanga Research reported a marked improvement in sales to the US , which gained further traction this month and now accounts for 30% of the group&rsquo s total volume &ndash a significant jump from 26% in the previous quarter.
The research house added that Top Glove is potentially taking market share away from other glove players in the US market.
" The group is aiming for the United States to account for 40% of group sales volume over the next two years," Kenanga Research said.
" It is optimistic about strong sequential sales volume growth in 4Q25 due to higher orders from the US market which more than offset a slower Europe," it added.
Top Glove&rsquo s confidence is underpinned by a notable rise in utilisation rates, which hit 65% as of last month, compared with 61% in 3Q25 and 58% in 2Q25.
The uptick translates to over 3.3 billion pieces of gloves sold per month &ndash up from below three billion in Apr &ndash which could add as much as RM70mil per quarter, or 2% of revenue.
&ldquo Top Glove expects sales volume to grow 15% quarter-on-quarter, driven by US orders and higher utilisation in 4Q25,&rdquo Kenanga Research said.
&ldquo In fact, utilisation rate last month was 65% compared with 61% in 3Q25,&rdquo the research house added.
The group also appears unfazed by recent tariff-related concerns, expressing optimism that demand will remain strong.
" Top Glove feels that there is only so long that customers can hold off buying," the research house said, adding that order volumes began rebounding over the last two months, with the positive trend expected to persist next month.
On the pricing front, the group highlighted the competitive edge Malaysian producers still hold despite shifting tariff dynamics. US-imposed tariffs of 80% to 130% on Chinese medical gloves for this year and next year have widened the pricing gap in Malaysia&rsquo s favour by between 10% and 30%, while Vietnamese and Indonesian gloves, though subject to lower tariffs of 20% and 19%, respectively, have minimal global market share or production capacity to pose a major threat.
" However, a Chinese player may ramp up production in Indonesia due to the tariff differential, which would be a risk, albeit starting at around just 1% of global supply by our checks, and this may be a negative for Malaysia given an improved tariff rate of 19% versus Malaysia&rsquo s 25%," Kenanga Research cautioned.
In terms of average selling prices, Top Glove said it believes Chinese competitors cannot sustain ultra-low pricing seen during from 2022 to 2023.
" The group estimates that break-even prices for Chinese glove makers are at US$14 to US$15 per 1,000 pieces compared with efficient Malaysian producers at US$15 to US$16," the research house said.
Kenanga Research has maintained its &ldquo outperform&rdquo call on Top Glove with an unchanged target price of 93 sen, citing the group&rsquo s scale and improving utilisation as factors for better margins and competitiveness in the critical US market.
$Top Glove (BVA.SG)$ $TOPGLOV (7113.MY)$
Top Glove is expected to register a robust recovery, buoyed by a strong uptick in orders from the United States that could drive double-digit sales volume growth in the fourth quarter of its financial year ending Aug 31, 2025 (4Q25) analysts say.
The company sees the United States as a key growth engine, with current momentum in exports pointing to a steady climb in market share.
During a recent meeting with Top Glove&rsquo s management, Kenanga Research reported a marked improvement in sales to the US , which gained further traction this month and now accounts for 30% of the group&rsquo s total volume &ndash a significant jump from 26% in the previous quarter.
The research house added that Top Glove is potentially taking market share away from other glove players in the US market.
" The group is aiming for the United States to account for 40% of group sales volume over the next two years," Kenanga Research said.
" It is optimistic about strong sequential sales volume growth in 4Q25 due to higher orders from the US market which more than offset a slower Europe," it added.
Top Glove&rsquo s confidence is underpinned by a notable rise in utilisation rates, which hit 65% as of last month, compared with 61% in 3Q25 and 58% in 2Q25.
The uptick translates to over 3.3 billion pieces of gloves sold per month &ndash up from below three billion in Apr &ndash which could add as much as RM70mil per quarter, or 2% of revenue.
&ldquo Top Glove expects sales volume to grow 15% quarter-on-quarter, driven by US orders and higher utilisation in 4Q25,&rdquo Kenanga Research said.
&ldquo In fact, utilisation rate last month was 65% compared with 61% in 3Q25,&rdquo the research house added.
The group also appears unfazed by recent tariff-related concerns, expressing optimism that demand will remain strong.
" Top Glove feels that there is only so long that customers can hold off buying," the research house said, adding that order volumes began rebounding over the last two months, with the positive trend expected to persist next month.
On the pricing front, the group highlighted the competitive edge Malaysian producers still hold despite shifting tariff dynamics. US-imposed tariffs of 80% to 130% on Chinese medical gloves for this year and next year have widened the pricing gap in Malaysia&rsquo s favour by between 10% and 30%, while Vietnamese and Indonesian gloves, though subject to lower tariffs of 20% and 19%, respectively, have minimal global market share or production capacity to pose a major threat.
" However, a Chinese player may ramp up production in Indonesia due to the tariff differential, which would be a risk, albeit starting at around just 1% of global supply by our checks, and this may be a negative for Malaysia given an improved tariff rate of 19% versus Malaysia&rsquo s 25%," Kenanga Research cautioned.
In terms of average selling prices, Top Glove said it believes Chinese competitors cannot sustain ultra-low pricing seen during from 2022 to 2023.
" The group estimates that break-even prices for Chinese glove makers are at US$14 to US$15 per 1,000 pieces compared with efficient Malaysian producers at US$15 to US$16," the research house said.
Kenanga Research has maintained its &ldquo outperform&rdquo call on Top Glove with an unchanged target price of 93 sen, citing the group&rsquo s scale and improving utilisation as factors for better margins and competitiveness in the critical US market.
hschsc ( Date: 25-Jul-2025 14:41) Posted:
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Top Glove' s Performance and Strategy in the United States Market
While Top Glove doesn' t typically release highly granular sales figures for each specific country in their quarterly reports, they do provide strategic insights and percentages that indicate their focus and success in key markets like the United States.
Significant Market Share: The United States already accounts for a substantial portion of Top Glove' s total sales. Recent reports indicate that the North American market (primarily the US) comprised 26% of Top Glove' s total sales in the recent quarter (Q3 FY225), which is a key region for the medical glove market. Some reports mention this figure rising to 30%.
Targeted Growth: Top Glove has publicly stated its ambition to increase the US market' s contribution to their total sales to 40% in the next two years. This is a clear strategic objective.
Tariff-Driven Opportunities: The primary driver for this aggressive push into the US market is the upcoming tariff increase on Chinese-made medical gloves by the US government. This tariff is expected to jump from 7.5% to 50%, effective January 2025. This creates a significant competitive advantage for Malaysian manufacturers like Top Glove, as US buyers will likely shift their orders away from higher-priced Chinese imports.
Increased Sales Volume and Utilization: As a direct result of these shifting trade dynamics, Top Glove anticipates a 15% quarter-on-quarter increase in sales volume for Q4 FY2025 (ending August 31, 2025), driven largely by robust demand from the US. This surge in orders has led to an improvement in their factory utilization rate, reaching 65% in recent periods, up from 61% in Q3 FY2025 and 58% in Q2 FY2025. Higher utilization directly translates to improved operational efficiency and profitability.
In essence, while specific dollar figures for US sales aren' t typically disclosed separately, the percentage contribution to total revenue, the aggressive growth targets, and the increasing factory utilization directly linked to US demand all point to a very positive outlook for Top Glove in the American market.
More Information on Top Glove' s New Products
Top Glove recently (July 11, 2025) launched a trio of " next-generation" gloves, emphasizing advancements in safety, sustainability, and specialized applications. Here' s a closer look at each:
Chemotherapy Nitrile Glove (High-Resistance):
Purpose: Designed for healthcare professionals who handle hazardous substances, particularly in oncology, emergency care, and pharmaceutical handling.
Key Feature: Top Glove claims this to be the most extensively tested chemotherapy nitrile glove in the industry. It has been rigorously tested against 60 different chemotherapy drugs, including critical high-risk substances like Fentanyl, Xylazine, and Gastric Acid. This comprehensive testing aims to provide superior barrier protection and elevate safety standards.
Benefits: Enhanced barrier protection against a broad spectrum of high-risk chemicals, crucial for the safety of medical personnel and patients.
Relevance: Addresses the growing demand for specialized personal protective equipment (PPE) in an evolving healthcare landscape where exposure to dangerous compounds is a significant concern.
Halogen-Free Nitrile Cleanroom Glove:
Purpose: Tailored for ultra-sensitive manufacturing environments where contamination control is paramount.
Key Feature: Eliminates hazardous halogens from its formulation. Halogens (like chlorine, bromine) can be problematic in sensitive electronics manufacturing, as they can cause corrosion or other issues.
Application: Ideal for industries such as semiconductor manufacturing, aerospace, and electric vehicle production. These sectors require ISO Class 1-3 compliance and electrostatic control.
Benefits: Reduces contamination risks, ensures cleaner devices, contributes to safer workplaces, and supports a reduced environmental footprint in high-tech industries. This aligns with broader efforts by countries like Malaysia, Singapore, and Vietnam to attract high-tech investments.
Specifications: Available as powder-free, polymer coated, and silicone-free, conforming to standards like ASTM D6319 and EN455. It is designed for cleanliness in Class 1000 cleanroom environments.
Biogreen® Biodegradable Diamond Sandblast Nitrile Glove:
Purpose: A sustainable option for demanding industrial applications that also addresses environmental concerns.
Key Feature: Features an improved textured surface (hybrid diamond sandblast texture) for superior grip in dry, wet, and oily conditions. Crucially, it' s formulated to biodegrade more rapidly in landfills through a microbial process.
Application: Suitable for heavy industry, automotive, construction, armed forces, gardening, and general lab use where robust grip and chemical resistance are needed.
Benefits: Combines high performance (excellent grip, chemical resistance) with environmental responsibility, offering an " end-of-life solution" for disposable gloves by reducing waste accumulation in landfills. It has passed biodegradability tests (e.g., ASTM D5511: 72.08% biodegradation as of 600 days ASTM D5526: 52.10% biodegradation). It also comes in an " accelerator free" option to minimize the risk of Type IV delayed hypersensitivity reactions.
These new product lines highlight Top Glove' s dual strategy: capitalizing on market opportunities (like the US tariffs) while also investing in R& D to meet evolving industry standards, enhance user safety, and address environmental sustainability.
Buy 30 lot at 21 cents
The last battle and keep the money to buy Malaysia Property
Now TG not on top, waiting all running up then tire,take a rest and TG will chass up.
Sgvale ( Date: 24-Jul-2025 15:09) Posted:
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Hope can see 0.30 soon
Yes It would not fall to 17cent previously, just wait for another 2 more months
It is better to put the money in the bank
It is better to put the money in the bank
Yes. 0.205 likely is the bottom already.
Buy another 45 Lot at 21 cents
Hope next Q result profit 15-20 million
Hope next Q result profit 15-20 million
Francisgohyc ( Date: 21-Jul-2025 08:35) Posted:
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You are 100% right, 20.5 is the lowest and it will move up from here
investshare ( Date: 20-Jul-2025 21:17) Posted:
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China and US will likely close a good tariff deal, as China has what US needs and vice versa.
Malaysia already hit with 25%.
The share price already evident.
Francisgohyc ( Date: 02-Jul-2025 12:09) Posted:
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https://www.thestar.com.my/business/business-news/2025/07/17/top-glove-set-to-capture-more-market-share-in-us#goog_rewarded
PETALING JAYA: Top Glove Corp Bhd
is expected to register a robust recovery, buoyed by a strong uptick in orders from the United States that could drive double-digit sales volume growth in the fourth quarter of its financial year ending Aug 31, 2025 (4Q25) analysts say.
The company sees the United States as a key growth engine, with current momentum in exports pointing to a steady climb in market share.
During a recent meeting with Top Glove&rsquo s management, Kenanga Research reported a marked improvement in sales to the US , which gained further traction this month and now accounts for 30% of the group&rsquo s total volume &ndash a significant jump from 26% in the previous quarter.
The research house added that Top Glove is potentially taking market share away from other glove players in the US market.
&ldquo The group is aiming for the United States to account for 40% of group sales volume over the next two years,&rdquo Kenanga Research said.
&ldquo It is optimistic about strong sequential sales volume growth in 4Q25 due to higher orders from the US market which more than offset a slower Europe,&rdquo it added.
Top Glove&rsquo s confidence is underpinned by a notable rise in utilisation rates, which hitt 65% as of last month, compared with 61% in 3Q25 and 58% in 2Q25.
Yes I 100% agree on your stand point except the ASP pice is very competitive
Last Q if not sell land and property, there is no profit at all
Next Q is very critical and if no good result, it will drop further
Last Q if not sell land and property, there is no profit at all
Next Q is very critical and if no good result, it will drop further
hschsc ( Date: 09-Jul-2025 20:53) Posted:
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Top Glove is entering the restocking season, coupled with the pressure of US tariffs on China and the EU' s control over China' s bidding for pharmaceutical contracts, Chairman also buyback the shares,it will usher in a bright year.
Volume up and slowly moving up
20.5-21.5 cents is a good entry point
20.5-21.5 cents is a good entry point
Francisgohyc ( Date: 03-Jul-2025 17:15) Posted:
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The Chairman Mtr Lim is buying ........
Francisgohyc ( Date: 02-Jul-2025 12:09) Posted:
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The stock will move up after the tariff war between US and china is over
Now there is no direction for glove counter to move, it depend on Malaysia side
It is not easy and the battle may take months to come
Now there is no direction for glove counter to move, it depend on Malaysia side
It is not easy and the battle may take months to come
Francisgohyc ( Date: 01-Jul-2025 15:52) Posted:
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Now the price drop until 21.5 cents, this price is the resistance as from now
It is a good entry point, I in 30 lot last 8 days ago
It is a good entry point, I in 30 lot last 8 days ago
11:46 PM EDT, 06/30/2025 (MT Newswires) -- Top Glove (SGX:BVA, KLSE:TOPGLOV) said the warrants listed on the Singapore Exchange will carry a price of SG$0.38 from July 1 till Sept. 30, according to a filing with the Singapore Exchange on Monday.
Shares of the dual-listed company were up over 2% in recent trading.
The warrant price was quoted by Bank Negara Malaysia on June 26, the filing added.
Shares of the dual-listed company were up over 2% in recent trading.
The warrant price was quoted by Bank Negara Malaysia on June 26, the filing added.
01:38 AM EDT, 07/01/2025 (MT Newswires) -- Top Glove (SGX:BVA, KLSE:TOPGLOV) issued 1,355 shares pursuant to the exercise of warrants, according to a filing with the Singapore Exchange on Tuesday.
The company issued 1,350 shares at 1.27 ringgit per share and 5 shares at SG$0.38 per share.
The issued shares will be listed on July 2, the filing said.
The company issued 1,350 shares at 1.27 ringgit per share and 5 shares at SG$0.38 per share.
The issued shares will be listed on July 2, the filing said.