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

• 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.
• - Read this at SGinvestors.io -

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.
• - Read this at SGinvestors.io -

Raw material prices are stabilizing

• 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:
2025-06-30 Top Glove - A Mix Of Tailwinds & Headwinds.

Previous report by Maybank:
2025-05-13 Malaysia Gloves Sector - Trade Truce Sparks Fresh Uncertainty.

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