- 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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