Top Glove - Maybank Research 2024-11-24: Strategic Joint Venture Backed By Ready Order

• We are positive on Top Glove’s latest joint venture (JV) for high-density polyethylene (HDPE) gloves, which will strengthen its product offerings and market reach. The 60:20:20 JV will operate at an existing Top Glove factory and begin producing HDPE glove for a US customer starting in Dec 2024.
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Establish a 60:20:20 JV to produce HDPE gloves

• Top Glove has entered into a 60:20:20 joint venture agreement with Tronex (Asia) Ltd and Polywel International Trade Company Ltd to produce and distribute HDPE gloves. The JV will establish a new entity, namely TG Meditech S/B. The total investment of MYR2.4m (Top Glove’s 60% stake: MYR1.4m) will be allocated for the purchase of new machines.
  • - Read this at SGinvestors.io -
  • Polywel manufactures and trades HDPE gloves and related products.
• Top Glove already operates an HDPE plant producing gloves for Japanese customers.

Backed by ready orders from USA

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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