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We observed meaningful improvement in ESG efforts among Malaysian glove makers versus FY23, supported by better disclosures, clearer ESG targets and stronger initiatives.
ESG standards continue to improve
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Kossan Rubber Industries recorded the strongest improvement trajectory, while Top Glove also saw significant improvements driven by more comprehensive disclosures and ESG framework. Hartalega remains above average in our ESG assessment. We maintain our NEUTRAL stance on the glove sector and reiterate HOLD on Top Glove, Hartalega and Kossan.
ESG efforts improving across glove makers
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
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Top Glove also recorded a notable improvement from 47 in FY23 to 53/58 in FY24/FY25.
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Hartalega’s score recovered to 58 in FY25 after declining to 57 in FY24, mainly due to relatively higher waste generated, natural gas consumption and carbon emission intensity per kpcs versus its peer.
Meaningful progress in ESG disclosures and targets
- 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/ 2026-05-13
More views on outlook of manufacturing / technology sector:
Analyst Reports on Singapore Manufacturing & Technology Sector
Read also Maybank's most recent report:
2026-06-10 Top Glove - Downgrade To SELL As Earnings Uplift May Not Be Sustainable.
Previous report by Maybank:
2026-03-19 Top Glove - Navigating Short-term Volatility; Profit In Line.
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
