Top Glove - Maybank Research 2025-06-30: A Mix Of Tailwinds & Headwinds

Top Glove: A Mix Of Tailwinds & Headwinds

Published:
Top Glove (SGX:BVA) | SGinvestors.io
  • Top Glove reported a 3QFY25 core net profit of MYR44.8m — below our expectation but above consensus.
  • Top Glove expects its utilisation rate (UR) to improve in 4QFY25, anticipating a resumption in restocking activities amid better clarity on the US tariff policy and declining inventories.

Earnings lag but volume is recovering

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

Key takeaways from results concall

  • Pricing strategy remains the key driver of sales. To stay competitive, Top Glove is implementing ongoing cost-cutting measures to ensure its products are priced attractively compared to China glove makers, especially in non-US markets.
  • Top Glove expects sales volume to pick up in 4QFY25, supported by improved clarity on the US tariff policy and depleting customer inventories. Utilisation rate stands at 65% in June 2025.
  • Top Glove’s exposure to the US market increased to 26% of 3QFY25 sales volume, up from 23% in 2QFY25. It has also put its Vietnam expansion plans on hold for now, depending on US tariff policy and market conditions.

Earnings adjustments

  • 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/.



Wong Wei Sum CFA Maybank Research | https://www.maybanktrade.com.sg/ 2025-06-30



Previous report by Maybank:
2025-05-13 Malaysia Gloves Sector - Trade Truce Sparks Fresh Uncertainty.

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






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