Top Glove - Worst Is Over; Upgrade To BUY
TOP GLOVE CORPORATION BHD (SGX:BVA)
- 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.
- Read this at SGinvestors.io -
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.
- Read this at SGinvestors.io -
Flattish top-line as volume sales pick up.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Philip Wong UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-03-17
Previous report by UOB:
2022-12-15 Top Glove - 1QFY23 Record Losses.
Price targets by 3 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 Dividends & Corporate Actions,
Top Glove News Articles
