Top Glove - UOB Kay Hian 2022-12-15: 1QFY23 Record Losses

Top Glove - 1QFY23 Record Losses

Published:
TOP GLOVE CORPORATION BHD (SGX:BVA) | SGinvestors.ioTOP GLOVE CORPORATION BHD (SGX:BVA)
  • Top Glove's earnings disappointed as operational earnings fell into losses. Aside from already softening ASPs, utilisation rates tanked as volume demand dipped. This was further compounded by higher gas costs.
  • - Read this at SGinvestors.io -
  • Top Glove continues to face near-term industry headwinds. However, downside appears to be increasingly priced. Maintain HOLD but with a lower target price of RM0.74.

Top Glove's 1QFY23 results belowexpectations.

  • Top Glove (SGX:BVA) reported a 1QFY23 (Sep 2022 to Nov 2022) to core net loss of RM168.2m. Losses widened from -RM52.6m on a q-o-q basis (1QFY22: RM186m). This was well below our and consensus expectations. The negative deviation was due to lower-than-expected ASPs.
  • - Read this at SGinvestors.io -
  • As of 1QFY23, Top Glove is in a net cash position of RM359m and a net gearing of -0.05x.

Top-line hit yet again.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Philip Wong UOB Kay Hian Research | https://research.uobkayhian.com/ 2022-12-15



Read also UOB's most recent report:
2024-03-21 Top Glove - A Setback In 2QFY24 With Silver Linings .

Previous report by UOB:
2024-01-12 Malaysia Gloves Maker - Overhyped Market Expectations Pose Short-term Downside Risk.

Price targets by 3 other brokers at Top Glove Target Prices.

Listing of research reports at Top Glove Analyst Reports.

Relevant links:
Top Glove Share Price History,
Top Glove Announcements,
Top Glove Dividends & Corporate Actions,
Top Glove News Articles





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