- Keep BUY rating on Top Glove with new DCF-derived Top Glove's target price of MYR1.28 from MYR1.26, 25% upside from the current Top Glove's share price.
- - Read this at SGinvestors.io -
- Despite the weaker-than-expected results, we take cognisant of the notable improvement in operating dynamics and management’s ongoing commitment to streamline operating efficiency that have enabled the group to be in a better position for a turnaround.
Results overview.
- - Read this at SGinvestors.io -
- Realised ASP was only up by 3% q-o-q to US$19.7 bringing its full year FY24 ASP to US$19.3 (-11% y-o-y). Sales volume spiked by 32% q-o-q (+91% y-o-y) to 8.8bn pieces mainly driven by strong growth in the US where sales volume soared 117% q-o-q in 4QFY24.
- Raw material prices were mixed, with natural latex at -1% q-o-q, offset by the 8% q-o-q increase in nitrile butadiene rubber (NBR) prices. Plant utilisation rate improved further to 59% (vs 49% in 3QFY24) which resulted in Top Glove’s core loss narrowing.
Key takeaways from briefings.
- Read more at SGinvestors.io.
Oong Chun Sung RHB Securities Research | https://www.rhbgroup.com/ 2024-10-11
Previous report by RHB:
2024-10-07 Top Glove - 4QFY24 Results Preview; Maintain BUY.
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 Dividend Payout Dates & Corporate Actions,
Top Glove News
