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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
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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.

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