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Top Glove stays atop costs and currency volatility

PC Lee
PC Lee12/16/2016 04:28 PM GMT+08  • 2 min read
Top Glove stays atop costs and currency volatility
SINGAPORE (Dec 16): Maybank is upgrading Top Glove to “hold” from “sell” as its earnings outlook turn favourable.
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SINGAPORE (Dec 16): Maybank is upgrading Top Glove to “hold” from “sell” as its earnings outlook turn favourable.

In a Friday report, analyst Lee Yen Ling says the recent hikes in ASP (average selling prices) and high USD/MYR could more than offset higher raw material prices.

“We maintain our EPS forecasts but raise the stock to “hold” with higher target price of MYR5.30 ($1.71) from MYR4.25 based on its +1 standard deviation to mean PER of 20x given its near-term earnings growth outlook,” says Lee.

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