Top Glove - Maybank Research 2023-06-19: Narrowing Losses; Maintain SELL

• We have raised FY23-24 loss projections for Top Glove, and expecting turnaround only in FY25.
• Top Glove’s 3QFY23 (Mar to May 2023) core net loss of MYR108m (from MYR161m/15m net loss/net profit in 2QFY23/3QFY22) was higher than expected. Plant utilisation rate remained low at 22% (on 95b pcs total capacity), due to price hikes (+6% q-o-q) and intense competition from China.

Dragged by lower plant utilisation rate

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

Key takeaways from 3QFY23 concall

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2025-03-21 Top Glove - Back To The Black, Upgrade To HOLD..

Previous report by Maybank:
2024-12-23 Top Glove - Turnaround Expected In FY25e.

Price targets by 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