Top Glove - UOB Kay Hian 2023-03-17: Worst Is Over; Upgrade To BUY

• Top Glove (SGX:BVA)'s 2QFY23 (Dec 2022 to Feb 2023) earnings disappointed as operational earnings fell into losses. Off softened ASPs, input costs were generally higher. Positively, ASPs across the industry are expected to pick up considerably in the subsequent quarter.
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Top Glove's 2QFY23 below expectations but significantly improved ASPs ahead.

• Top Glove reported a 2QFY23 (Dec 2022 to Feb 2023) core net loss of RM164.7m (-2.1% q-o-q, -288% y-o-y). Losses narrowed from - RM168.2m on a q-o-q basis. Cumulative 1HFY23 losses amounted to RM333m (-222% y-o-y). This was well below our and consensus expectations with our and consensus FY23 full-year estimates at -RM256m and -RM322m respectively.
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Flattish top-line as volume sales pick up.

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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/.

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