Malaysia Gloves Sector - Maybank Research 2024-12-16: 2025 A High Stakes Year; Downgrade To NEUTRAL

• We downgrade the sector to NEUTRAL (from tactical POSITIVE) after the recent share price rally.
• Malaysia’s glove sector is recovering, driven by inventory replenishment since early-2024 and is set to benefit from a higher 50% US tariff on China-made gloves from 2025 and 100% from 2026. This will boost utilisation rates and ASPs. However, risks persist from China rivals in non-US markets, their overseas expansion and potential higher US tariff extending beyond China-made gloves.

2024, A year of surprises

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

2024E results could have been better

• 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/.

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

Read also Maybank's most recent report:
2025-03-21 Top Glove - Back To The Black, Upgrade To HOLD..

Previous report by Maybank:
2024-12-23 Top Glove - Turnaround Expected In FY25e.

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