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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ 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:
2024-06-20 Top Glove - 3QFY24 Turning Over A New Leaf .

Previous report by UOB:
2024-03-21 Top Glove - A Setback In 2QFY24 With Silver Linings .

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Top Glove News






Advertisement

You May Also Like



SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank Referral Code

Advertisement