Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M.</li>
<li>Management remains bullish on the U.S. market with North America region (23% of revenue) witnessing 13% QoQ sales growth in 2QFY25.</li>
<li>ASP were up 3–4% across product categories. Top Glove expects the ASP to further strengthen.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M.
Management remains bullish on the U.S. market with North America region (23% of revenue) witnessing 13% QoQ sales growth in 2QFY25.
ASP were up 3–4% across product categories. Top Glove expects the ASP to further strengthen.


Top Glove Corp (TOPG MK): Recovery Continues, ASP Improves, Demand Outlook Stays Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 80% YoY revenue growth in 1QFY25 and returned to profitability with a net profit of RM5M.</li>
<li>With robust demand outlook, Top Glove expects the ASP to further strengthen. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26 from 10% now.</li>
<li>Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 80% YoY revenue growth in 1QFY25 and returned to profitability with a net profit of RM5M.
With robust demand outlook, Top Glove expects the ASP to further strengthen. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26 from 10% now.
Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.


Top Glove Corp (TOPG MK): Break-Even Achieved in 1QFY25, Strong Demand to Persist in Coming Quarters

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 75% YoY and 31% QoQ revenue growth in 4QFY24, driven by higher volume and relatively stable selling price, with net loss narrowing down further.</li>
<li>Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.</li>
<li>Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 75% YoY and 31% QoQ revenue growth in 4QFY24, driven by higher volume and relatively stable selling price, with net loss narrowing down further.
Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.
Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.


Top Glove Corp (TOPG MK): Volumes Rise as Demand Revival Cycle On; US to Be the Key Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 16% QoQ revenue growth in 3QFY24, on 13% sequential volume increase and higher ASP. 3QFY24 operational loss reduced to RM34M from RM59M in 2QFY24.</li>
<li>Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.</li>
<li>With rising import alert and expected tariff increase on Chinese manufacturers, the US demand may shift from China to Malaysia. Top Glove is poised to benefit from potential trade diversion.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 16% QoQ revenue growth in 3QFY24, on 13% sequential volume increase and higher ASP. 3QFY24 operational loss reduced to RM34M from RM59M in 2QFY24.
Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.
With rising import alert and expected tariff increase on Chinese manufacturers, the US demand may shift from China to Malaysia. Top Glove is poised to benefit from potential trade diversion.


Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ansell-ltd" target="_blank" data-smartkarma-citation="entities:10777:1" rel="noopener">Ansell Ltd (ANN AU)</a> reported 11% YoY decline in revenue to $1,655M in FY23. Healthcare business experienced significant customer destocking through FY23, leading to 21% YoY decline in segment revenue.</li>
<li>Ansell has outlined an investment program to improve productivity and accelerate digitalization for total cost of $70–85 million. The program calls for production as well as job cut.</li>
<li>Strong headwinds in the glove sector are expected to continue as the global oversupply situation persists. Ansell expects FY24 adjusted EPS to be $0.92–1.12 (down 3–20% YoY).</li>
</ul>



Ansell Ltd (ANN AU) reported 11% YoY decline in revenue to $1,655M in FY23. Healthcare business experienced significant customer destocking through FY23, leading to 21% YoY decline in segment revenue.
Ansell has outlined an investment program to improve productivity and accelerate digitalization for total cost of $70–85 million. The program calls for production as well as job cut.
Strong headwinds in the glove sector are expected to continue as the global oversupply situation persists. Ansell expects FY24 adjusted EPS to be $0.92–1.12 (down 3–20% YoY).


Ansell Ltd (ANN AU): Worst Not Over Yet; Unfavorable Macro Backdrop Persists; Bleak FY24 Guidance

Malaysia

Hartalega Holdings Bhd. manufactures a wide range of latex gloves. The Company's products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber surgical gloves.

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Hartalega Holdings (HART MK)

Top Glove Corp (TOPG MK): Recovery Continues, ASP Improves, Demand Outlook Stays Strong

Top Glove achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M. Management remains bullish on the U.S. market with North...

Tina Banerjee

Top Glove Corp (TOPG MK): Break-Even Achieved in 1QFY25, Strong Demand to Persist in Coming Quarters

Top Glove Corp sees strong revenue growth and profitability in 1QFY25, aims to boost EBITDA margin to pre-pandemic levels by FY26. Shift in focus...

Tina Banerjee

Top Glove Corp (TOPG MK): Volumes Rise as Demand Revival Cycle On; US to Be the Key Market

Top Glove achieved 75% YoY and 31% QoQ revenue growth in 4QFY24. Riding on higher volume and ASP, the company expects its EBITDA margin to recover...

Tina Banerjee

Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

The U.S. will raise tariffs on Chinese medical and surgical gloves to 50%, from 7.5% currently, in January 2025 and to 100% by January 2026. As a...

Tina Banerjee

Ansell Ltd (ANN AU): Worst Not Over Yet; Unfavorable Macro Backdrop Persists; Bleak FY24 Guidance

Ansell reported 11% decline in revenue in FY23, due to significant customer destocking in healthcare business. With continued near-term sector...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Top Glove Corp (TOPG MK): Recovery Continues, ASP Improves, Demand Outlook Stays Strong

​Top Glove achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M. Management remains bullish on the U.S. market with North...

Tina Banerjee

Top Glove Corp (TOPG MK): Break-Even Achieved in 1QFY25, Strong Demand to Persist in Coming Quarters

​Top Glove Corp sees strong revenue growth and profitability in 1QFY25, aims to boost EBITDA margin to pre-pandemic levels by FY26. Shift in focus...

Tina Banerjee

Top Glove Corp (TOPG MK): Volumes Rise as Demand Revival Cycle On; US to Be the Key Market

​Top Glove achieved 75% YoY and 31% QoQ revenue growth in 4QFY24. Riding on higher volume and ASP, the company expects its EBITDA margin to recover...

Tina Banerjee

Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

The U.S. will raise tariffs on Chinese medical and surgical gloves to 50%, from 7.5% currently, in January 2025 and to 100% by January 2026. As a...

Tina Banerjee

Ansell Ltd (ANN AU): Worst Not Over Yet; Unfavorable Macro Backdrop Persists; Bleak FY24 Guidance

​Ansell reported 11% decline in revenue in FY23, due to significant customer destocking in healthcare business. With continued near-term sector...

Tina Banerjee

Top Glove achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M. Management remains bullish on the U.S. market with North...

Top Glove Corp sees strong revenue growth and profitability in 1QFY25, aims to boost EBITDA margin to pre-pandemic levels by FY26. Shift in focus...

Top Glove achieved 75% YoY and 31% QoQ revenue growth in 4QFY24. Riding on higher volume and ASP, the company expects its EBITDA margin to recover...

Ansell reported 11% decline in revenue in FY23, due to significant customer destocking in healthcare business. With continued near-term sector...