Top Glove - RHB Research 2026-03-19: Efficiency Overshadowed By Macro Headwinds

• Top Glove (SGX:BVA)'s 2QFY26 results were below expectations despite an 89% utilisation rate, with adverse FX movement offsetting efficiency gains. Planned ASP hikes should mitigate rising input costs, though timing of pass-through remains key.
• - Read this at SGinvestors.io -

Profitable, but below potential.

• 2QFY26 core PATAMI of MYR30.7m (-18% q-o-q, +32% y-o-y) brought Top Glove's 1HFY26 number to MYR68.1m (1HFY25: MYR1.4m), at 41% and 42% of our and consensus’ estimates.
• - Read this at SGinvestors.io -
• Based on our estimates, 1HFY26 operating income per carton was US$0.64, a sharp deviation from our US$0.89 forecast, as gains from higher utilisation (89% of 66bn active capacity) were offset by adverse FX movements.

Nitrile cost pressure; latex as a buffer.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Previous report by RHB:
2025-12-18 Top Glove - Improving Demand Visibility.

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