Top Glove - RHB Invest 2023-03-17: At Inflection Point; Upgrade To NEUTRAL

• Upgrade Top Glove (SGX:BVA) to NEUTRAL from Sell, with a DCF-derived target price of MYR0.88 from MY0.57, 5% upside.
• Top Glove sank deeper into the red in 1HFY23 (Sep 2022 to Feb 2023), no thanks to the elevated energy prices and suboptimal industry utilisation rate, given that customers are still refusing to commit to bulk orders as the demand-supply dynamics remain imbalanced.
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Top Glove's 1HFY23 results below expectations.

• Top Glove's 1HFY23 core loss widened to MYR305m from a core profit of MYR265m a year ago. Results missed our and consensus estimates – no thanks to higher energy prices and suboptimal industry utilisation rate, given that customers are still refusing to commit to bulk orders as the demand-supply dynamics remain imbalanced.
• - Read this at SGinvestors.io -

Key operating metrics.

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Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2026-03-19 Top Glove - Efficiency Overshadowed By Macro Headwinds.

Previous report by RHB:
2025-12-18 Top Glove - Improving Demand Visibility.

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