SINGAPORE (June 24): CGS-CIMB Research has initiated coverage on Malaysia-based, Singapore-listed glove manufacturer UG Healthcare Corporation with an “add” or “buy” call and target price of $1.36.

UG Healthcare has its own global downstream distribution network and distributes its proprietary “Unigloves” brand to over 50 countries.

In a Tuesday report, analyst Ong Khang Chuen says he “likes” UG Healthcare’s undemanding valuation, and own brand manufacturing (OBM) model, which allows for a higher average selling price (ASP) hike potential amid the strong glove demand during the Covid-19 pandemic.

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