- Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and continued to optimise costs. The group’s effective production capacity was also cut down further to 60bn pieces pa as a part of its turnaround plan (T6) – emphasising the need to boost operating efficiency.
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- Maintain NEUTRAL on Top Glove with DCF-based target price drops to MYR0.95 from MY0.98, 2% downside.
Top Glove's 3QFY22 results are below expectations.
- See Top Glove's announcement dated 16 Jun 2023. Top Glove chalked a 3QFY23 core loss of MYR117m (3QFY22: core profit of MYR11.3m). 9MFY23 numbers are well below our and Street projections, but improving market dynamics enabled it to book a sequentially smaller loss, as its ASP bottomed out in the previous quarter while it continued to flesh out cost optimisation measures (since energy prices have risen).
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- No dividend was declared by for the quarter. See Top Glove's dividend history.
Key operating metrics.
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