Top Glove - RHB Invest 2024-06-18: Operating Dynamics Turned Favourable; Upgrade To BUY

Top Glove - Operating Dynamics Turned Favourable; Upgrade To BUY

Top Glove (SGX:BVA) | SGinvestors.ioTop Glove (SGX:BVA)
  • Top Glove (SGX:BVA) is scheduled to report its 3QFY24 (Mar-May 2024) results on 19 Jun. We expect core loss to narrow q-o-q to MYR40-45m (vs a core loss of MYR66m in 2QFY24), on the back of a recovery in sales volume and ASP.
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  • Our BUY call is premised on improving investor sentiment (from favourable operating dynamics) – we think Top Glove (being a high-beta) is poised for a meaningful share price recovery in 2024.

Top Glove's results preview.

  • We expect Top Glove to deliver a core loss of MYR40-45m from a core loss of MYR66m in 2QFY24 on the back of:
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    2. recovery in ASP.
  • These catalysts should be offset by the recent 5-6% uptick in natural gas tariff and escalation of raw material prices (i.e. natural latex: +12%; acrylonitrile: +3.6%).

Industry dynamics turning favourable.

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Oong Chun Sung RHB Securities Research | 2024-06-18

Previous report by RHB:
2024-04-02 Top Glove - More Time Required For Turnaround.

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 Dividends & Corporate Actions,
Top Glove News Articles


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