- Top Glove (SGX:BVA)’s 1QFY25 core net loss of MYR5.8m (vs. MYR61m/MYR26m net loss in 1QFY24/4QFY24) was in line.
- Elsewhere, Top Glove’s proposed 1-for-20 bonus issue of up to 406m warrants (exercise price: MYR1.27/share) is slated to be listed by Feb 2025.
Still in the red but with lower core losses
- - Read this at SGinvestors.io -
- We maintain our FY25-27E earnings and Top Glove's target price of MYR1.08 on 1.8x CY26E P/B. Reiterate SELL as we believe the positives have been more than priced in.
1QFY25: lower core net loss
- - Read this at SGinvestors.io -
- 1QFY25 core net loss was due to realized forex losses and the partial recognition of higher ASPs during the preceding quarter (Sep-Nov 2024). However, we expect stronger earnings ahead on higher plant utilisation rate and ASPs from increased US orders.
Key highlights from 1QFY25 results concall
- Read more at SGinvestors.io.
