Top Glove - Maybank Research 2023-12-12: Improving Sales Volume; Improving Earnings Outlook

Top Glove - Improving Sales Volume; Improving Earnings Outlook

Top Glove (SGX:BVA) | SGinvestors.ioTop Glove (SGX:BVA)
  • We revise our earnings forecast – cutting FY24E loss projection and now expect Top Glove (SGX:BVA) to turnaround in FY25. We also raise FY26E net profit forecast. We have also raised our Top Glove's target price to MYR0.80.
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Improvement in sales volume

  • Similar to its Malaysian peers, Top Glove has experienced a pick-up in sales volume since Oct 2023 which we attribute to restocking activities. Its plant utilisation rate is expected to improve to 45-48% by end-FY24E (from 30%- 35% in 4QFY23 and 35%-36% now) with the increase in sales volume.
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Raw material prices are stabilizing

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Wong Wei Sum CFA Maybank Research | 2023-12-12

Read also Maybank's most recent report:
2024-03-21 Top Glove - Remained In The Red; Looking To Breakeven By 4QFY24.

Previous report by Maybank:
2023-12-21 Top Glove - Positives More Than Priced In.

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


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