reports
Top Glove Corporation Bhd: 1 director
A director at Top Glove Corporation Bhd sold 770,000 shares at 0.375SGD and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
- Jack Goh Tooan Orng
Gloves - A New, Different Beginning
A New, Different Beginning While the Malaysian gloves sector charted an impressive turnaround in 2024 after the COVID-19 lows as expected, risk-reward appears less appealing currently as valuations are trading close to the historical mean based on 2025’s full earnings recovery. Despite more optimism emerging following better operating matrixes and several rounds of catch-up upgrades by consensus, we believe that these have been fairly reflected in the recent share price movement. Downgrade to MA...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – January 2025
GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Add CATL, JD Logistics, Miniso and Plover Bay to our BUY list, and Weimob to our SELL list. INDONESIA Strategy Alpha Picks: Our Selections Outperform In 2024: Our picks are ISAT, KLBF, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Still Ample Domestic Catalysts: Our Alpha Picks outperformed in Dec 24. Jan 25 picks: Gamuda, GENM, MrDIY, MYEG, Pekat, RGB, RHB Bank, SP Setia, VSI and Yinson. SINGAP...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – November 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls: Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. INDONESIA Strategy Alpha Picks: Underperformance in Oct 24: Our picks are NCKL, BBTN, BMRI, BBRI, EXCL, CTRA, JSMR, BBNI, CMRY and ASII. MALAYSIA Strategy Alpha Picks: Gearing Up For The Reporting Season: Our Alpha Picks outperformed in Oct 24. Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RGB, RHB Bank, Top Glove, VSI and Yinson...
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
U96 SEMBCORP INDUSTRIES LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
SPOST SINGAPORE POST LTD
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
CVL CIVMEC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
- Bella Lu Yifei
- Chong Lee Len
- Desmond Chong Chee Wai
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Malaysia Research Team
- Paula Ruth
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Meeting Notes: Monday, November 04, 2024
GREATER CHINA Strategy Alpha Picks: November Conviction Calls Add Hansoh Pharma, Sands China, CSCEC and BYDE to our BUY list. Add Sinopharm to our SELL list. Sector Aviation – China Airlines: 3Q24 earnings a slight miss; expect losses in seasonally weak 4Q24. Maintain UNDERWEIGHT. Macau Gaming Oct 24 GGR up 7% yoy and...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
CTRA CIPUTRA DEVELOPMENT
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
KLBF PT KALBE FARMA TBK
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
7113 TOP GLOVE CORPORATION BHD.
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
5162 VSTECS
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
Q5T FAR EAST HOSPITALITY TRUST
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
AD2 AIR CHINA LIMITED CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1055 CHINA SOUTHERN AIRLINES COMPANY LIMITED CLASS H
0670 CHINA EASTERN AIRLINES CORPORATION LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
YNS YINSON HOLDINGS BHD
RHBBANK RHB BANK BHD
T TELEKOM MALAYSIA BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
MYEG MY EG SERVICES BHD
ECW ECO WORLD DEVELOPMENT GROUP
TXG 10X GENOMICS INC CLASS A
RGB RGB INTERNATIONAL BHD
TDC TIME DOTCOM BHD
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CMRY PT CISARUA MOUNTAIN DAIRY TBK
CDB CELCOMDIGI BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
Z29 029 GROUP SE
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
- Desmond Chong Chee Wai
- Malaysia Research Team
- Vincent Khoo Boo Aik
Strategy - Alpha Picks: Gearing Up For The Reporting Season
Alpha Picks: Gearing Up For The Reporting Season Our Alpha Picks outperformed the FBMKLCI in Oct 24 (-0.5% vs -2.9%). While the equity market still lacks conviction, our Alpha Picks should still outperform in Nov 24, driven by expected winners in the upcoming reporting season (MYEG), as well as beneficiaries of dividends (RGB) and M&A activities (Yinson). Nov 24 picks: EcoWorld, Gamuda, Lagenda, MYEG, Pekat, RHB Bank, RGB, Top Glove (replacing Sime Darby), VSI and Yinson.
- Jack Goh Tooan Orng
Top Glove (TOPG MK) - 4QFY24: Hours Before Dawn
4QFY24: Hours Before Dawn TOPG’s core losses narrowed in 4QFY24. Despite results being below our expectations due to unprecedented forex movement, several silver linings such as rising volume sales (+31% qoq) and ASP trends reinforced recovering industry dynamics. Meanwhile, recent deterioration of US-China trade tension is catalysing meaningful demand flowback, allowing TOPG to progressively restore its pre-pandemic’s profitability in FY25-26. Maintain BUY with a lower target price of RM1.31.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Jack Goh Tooan Orng
- Jonathan Koh
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Malaysia Research Team
- Stevanus Juanda
Regional Morning Meeting Notes: Friday, October 11, 2024
INDONESIA Asian Gems Corporate Highlights Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp720/Target: Rp1,200) Store expansion pace picking up. MALAYSIA Sector Plantation MPOB's Sep 24 data showed slow inventory rebuilding due to a decline in production even as exports improved. Results Top Glove (TOPG MK/BUY/RM1.03/Target: RM1.31) 4QFY24: Losses narrow but below expectation...
SCC SIAM CEMENT PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
ACES PT ACE HARDWARE INDONESIA TBK
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
CPALL TB CP ALL
GENP GENTING PLANTATIONS BHD
TXG 10X GENOMICS INC CLASS A
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
123F 123FAHRSCHULE SE
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Jack Goh Tooan Orng
Top Glove (TOPG MK) - Scoping Beyond Near-term Headwinds
Scoping Beyond Near-term Headwinds After the recent meeting with management, we remain optimistic on Top Glove’s prospects over a medium-term horizon. Despite anticipating short-term headwinds due to an unprecedented weakening of the US dollar, TOPG’s operating matrixes are seeing visible signs of recovery. More importantly, the recently revised US tariff hike on China medical gloves is poised to catalyse meaningful flowback of demand to Malaysian glovemakers. Maintain BUY and target price of RM...
- Greater China Research Team
- Jack Goh Tooan Orng
- Johnny Yum
- Jonathan Koh
- Singapore Research Team
- Thanawat Thangchadakorn
Regional Morning Notes - Thursday, October 03, 2024
GREATER CHINA Strategy Alpha Picks: October Conviction Calls: Adding CATL, Geely and Plover Bay to our BUY list. INDONESIA Strategy Alpha Picks: Defensive Stance Worked In Sep 24: Our picks are ASII, BBNI, BMRI, BBRI, EXCL, CTRA, BBTN, CMRY, SIDO and JSMR. MALAYSIA Update Top Glove (TOPG MK/BUY/RM1.01/Target: RM1.45): After the recent meeting with management, we remain optimistic on Top Glove’s prospects over a medium-term horizon. Maintain BUY with a target price of RM1.45. SINGAPORE Strateg...
- Jack Goh Tooan Orng
Gloves - US Raises China Gloves Tariffs In Protectionism, Trade Rivalr...
US Raises China Gloves Tariffs In Protectionism, Trade Rivalries A further precipitous tariff hike and earlier implementation timeline announced by the US authority on China’s medical-grade gloves are poised to revitalise investors’ sentiment on the Malaysian glove sector. With the sector’s post-pandemic recovery eclipsing earnings amid demand moderation, domestic glovemakers should progressively reclaim market share from China, sustaining concrete ASP trajectories and margin upticks. Maintain O...
- Jack Goh Tooan Orng
Top Glove - A Late Bloomer On Sector Recovery Cycle
A Late Bloomer On Sector Recovery Cycle After three years of industry consolidation, visible signs of demand recovery from distributors’ accelerating restocking cycle, an inception of regional producers’ ASP upcycle, and the potential deterioration of the US-China trade tensions weigh on Top Glove's outlook. Against the backdrop of these tailwinds, we have recalibrated our valuation multiples upwards. Top Glove still appeals as a laggard with its high beta and optimistic sector prospects. Mainta...
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Paula Ruth
- Sunny Chen
Regional Morning Notes - Wednesday, July 24, 2024
GREATER CHINA Initiate Coverage CSPC Innovation Pharmaceutical Co (300765 CH/BUY/Rmb24.40/Target: Rmb33.00): Transforming into a drug innovator with over 200% earnings CAGR in 2024-26. INDONESIA Update Dayamitra Telekomunikasi (MTEL IJ/BUY/Rp690/Target: Rp810): Expect 52% yoy growth in 2024 fibre optic revenue; exploring non-terrestrial network technology’s potential; maintain BUY. MALAYSIA Update Top Glove (TOPG MK/BUY/RM1.24/Target: RM1.45): Against a backdrop of favourable tailwinds, we hav...
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Johnny Yum
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, June 20, 2024
GREATER CHINA Sector Automobile: Weekly: Sales of top 12 EV brands rose 5% mom/wow last week, in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Joyson Electronics. Top SELL: XPeng. INDONESIA Strategy The Beginning Of The Rate Cut Cycle: Our top picks are BBCA, BBNI, BMRI, BBTN, BSDE, CTRA, BUKA, CMRY, ACES and JSMR. We have an end-24 target of 7,800 for the JCI. MALAYSIA Results Top Glove (TOPG MK/BUY/RM1.14/Target: RM1.28): 3QFY24: Core losses narrowed on sales growth; reporte...
- Jack Goh Tooan Orng
Top Glove (TOPG MK) - 3QFY24: Turning Over A New Leaf
3QFY24: Turning Over A New Leaf Top Glove reported narrowing core losses in 3QFY24. This reflects volume sales growth (+13% qoq) amid a sequential demand recovery and rising ASP trends, offsetting surging raw material costs (+16-20% qoq). Although yet to turn around core losses, Top Glove’s progressive operating matrixes refinement and recent deterioration of US-China trade tension may continue to catalyse the group’s reversion to prepandemic profitability. Maintain BUY and target price of RM1.2...
- Jack Goh Tooan Orng
Gloves - Blooming In Spring
Blooming In Spring The Malaysian glove sector is officially out of the woods with anticipation of sequential earnings growth coming into fruition throughout 2024. We have also observed a feasible trend of improving operating statistics from the past few quarters. With this and the US’ precipitous tariff hike on China’s medical-grade gloves beginning 2026, we re-affirm our optimism that potential valuation re-rating may continue to catalyse the sector’s positive share price trajectories. Maintain...
- Bella Lu Yifei
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, June 14
GREATER CHINA Sector Automobile Weekly: EV sales pull back last week. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Tuopu and Joyson Electronics. Top SELLs: XPeng. Internet Strategic revamp to foster re-accelerating growth and shareholders’ return. INDONESIA Update Bank Tabungan Negara (BBTN IJ/BUY/Rp1,240/Target: Rp1,700) ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5168 HARTALEGA HOLDINGS BHD.
3K1 KINGSOFT CORP. LTD.
EA ENERGY ABSOLUTE PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
7153 KOSSAN RUBBER INDUSTRIES BHD.
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
MINT MAPLETREE INDUSTRIAL TRUST
00780 TONGCHENG-ELONG HOLDINGS LIMITED
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
02423 KE HOLDINGS INC.
BCOW 1895 BANCORP OF WISCONSIN INC
EPIC 1CM INC
Z29 029 GROUP SE
02015 LI AUTO INC
09868 XPENG INC
09961 CTRIP.COM INTERNATIONAL
600699 NINGBO JOYSON ELECTRONIC CORP
- Desmond Chong Chee Wai
Strategy - Selective Exporters With Exposure To Related Strategic Sect...
Selective Exporters With Exposure To Related Strategic Sectors To Benefit Further From The Latest Round Of Tariff Hikes We believe the latest round of tariff hikes directed by the US president Joe Biden will lend further strength to selective Malaysian exporters given Malaysia’s geographical neutrality. A statement released by The White House stated that following an in-depth review by the United States Trade Representative, President Biden is taking action to protect American workers and Americ...
- Jack Goh Tooan Orng
Gloves - Plot Twist From Escalating US-China Trade Tension
Plot Twist From Escalating US-China Trade Tension The precipitous tariff hike announced by US authorities on China’s medical-grade gloves beginning 2026 is poised to revitalise investors’ sentiment on the Malaysian glove sector. While the sector’s recovery plot continues to thicken beyond postpandemic eclipsing earnings and demand moderation, we anticipate domestic glovemakers to progressively reclaim market share from China, sustaining concrete ASP trajectories and future margin upticks. Mainta...
- Jack Goh Tooan Orng
Top Glove (TOPG MK) - 2QFY24: A Setback With Silver Linings
2QFY24: A Setback With Silver Linings Core losses widened in 2QFY24, reflecting a time lag of ASP adjustment to counter surging input costs. This offset volume growth (+18% qoq). Nevertheless, management’s upbeat narrative on a sequential demand recovery and rising regional ASP trends in the post-results briefing came as positive surprises. These catalysts may be sufficient to re-ignite investors’ confidence and allow Top Glove to re-rate towards mean valuations. Upgrade to BUY with a higher tar...
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