Top Glove - Maybank Research 2025-12-07: Valuation Turns Fair; Upgrade To HOLD

• We upgrade Top Glove (SGX:BVA) to HOLD as the Top Glove's share price has retreated and is now fairly priced.

Turning the corner.

• - Read this at SGinvestors.io -
• We maintain our earnings forecasts and MYR0.61 target price (1x CY27E PBV, -1 standard deviation to 5Y mean), pending the release of 1QFY26 results on 15 Dec 2025.

Utilisation rate continues to improve

• Top Glove is currently operating at a running capacity of 65b pcs per annum with a utilisation rate of around 75% (4QFY25: 71%). Management expects utilisation to improve further, supported by steady orders, particularly from its US customers.
• - Read this at SGinvestors.io -
• We have assumed blended ASPs of US$19-20/kpcs and utilsiation rate of 70% for TOPG.

Reopening of idle factories underway

• 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/.

Previous report by Maybank:
2025-06-30 Top Glove - A Mix Of Tailwinds & Headwinds.

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