Home Capital Broker's Calls

CGS-CIMB lowers Top Glove's TP to RM1 after record-low quarterly profits

Felicia Tan
Felicia Tan6/10/2022 12:25 PM GMT+08  • 2 min read
CGS-CIMB lowers Top Glove's TP to RM1 after record-low quarterly profits
Looking ahead, Aw expects to see ASPs bottoming out for Top Glove in the 4QFY2022. Photo: Bloomberg
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

CGS-CIMB Research analyst Walter Aw is keeping his “reduce” recommendation on Top Glove with a lower target price of RM1 (31.39 cents) from RM1.30 previously after the glove manufacturer posted record-low quarterly profits for the 9MFY2022 ended May.

For the period, Top Glove’s core net profit fell by 96.1% y-o-y to RM287.3 million, below expectations at 63% of Aw’s full-year estimates.

The company’s core net profit for the 3QFY2022, which fell 99.2% y-o-y to RM15.3 million, also stood lower than Aw’s expectations.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.