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Rubber Products - RHB Invest 2024-04-03: On Track For A Recovery; Stay OVERWEIGHT

Rubber Products - On Track For A Recovery; Stay OVERWEIGHT

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Riverstone (SGX:AP4) | SGinvestors.ioRiverstone (SGX:AP4) TOP GLOVE CORPORATION BHD (SGX:BVA)
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  • Industry demand and supply dynamics are showing recovery signs, as April-May order volumes look to have picked up sturdily. We think further gas tariff normalisation and ASP trend stabilisation could eventually propel profitability in 2024 and now expect a meaningful demand recovery trend by 2H24 before capacity expansions recommence by 2025/2026.

    • ASP.

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    • According to our channel checks, Chinese glove makers’ ASPs are expected to increase to US$16-17 from US$15-16. The continued narrowing of the ASP gap means the prolonged price war is approaching its tail-end, in our view, which ultimately allows Malaysian manufacturers to compete via product quality rather than price.

    Demand.

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



    Oong Chun Sung RHB Securities Research | Singapore Research RHB Invest | https://www.rhbgroup.com/ 2024-04-03


    More views on outlook of manufacturing / technology sector:
    Analyst Reports on Singapore Manufacturing & Technology Sector




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