- 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.
