Analysts from CGS-CIMB Research and UOB Kay Hian Research are recommending investors accumulate on Top Glove amid its stellar 1QFY2021 results as well as its Covid-19-related operational setbacks.

CGS-CIMB analyst Walter Aw has maintained his “add” recommendation albeit with a lower target price of RM8.90 ($2.93) from RM10 previously.

“We cut our target price to RM8.90, based on 16x CY2022 price-to-earnings (P/E), -0.5 standard deviation (s.d.) of its 5-year mean (previously 17x P/E),” he writes in a Dec 9 report.

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