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Top-line improvement from the strengthening MYR/USD rate, improving efficiency and margin outlook will continue to sustain a 12-15% earnings growth in 2026-27.
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The sector’s risk-reward pay-off appears neutral, as China’s competition remains a mid-long-term threat. Maintain MARKET WEIGHT.
Tailwinds from US-Iran war are non-lasting, following ceasefire.
Premium ASPs and mix for spot sales could be compromised...
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The April-June ASP hikes are mainly a function of cost-push mechanisms, partly reflecting an unparalleled surge in demand caused by concerns of shortages. Hence, in line with easing crude oil and chemical prices, such urgent demands are seeing a pull-back and impacting the premium ASP commanded by spot sales.
...but be offset by moderating input costs and a better MYR/USD rate.
Jack Goh UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-07-02
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2026-06-19 Top Glove 3QFY26 - Windfall Quarter; Gradual Normalisation Ahead.
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