External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

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Equity Bottom-Up

<ul><li>Top Glove Corporation (Top Glove) reported a fourth consecutive quarterly net loss of RM130.6m in 3QFY23 (+20.7% QoQ) from a net loss of RM164.7m in the previous quarter.</li><li>The loss narrowed mainly due to the increased in ASPs and cost optimisations following the decommissioning production lines and temporary shutdown of factories.</li><li>After stripping out the non-operating items, 9MFY23 core net loss stood at RM420.4m (-262% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Glove Corporation (Top Glove) reported a fourth consecutive quarterly net loss of RM130.6m in 3QFY23 (+20.7% QoQ) from a net loss of RM164.7m in the previous quarter.The loss narrowed mainly due to the increased in ASPs and cost optimisations following the decommissioning production lines and temporary shutdown of factories.After stripping out the non-operating items, 9MFY23 core net loss stood at RM420.4m (-262% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Glove Corporation Berhad - Lower Sales Volume On Higher ASP

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>TOPGLOV’s 9MFY23 results disappointed due to a lower-thanexpected sales volume.</li><li>It reiterated that a challenging and competitive business landscape will persist throughout 2023.</li><li>We widened our FY23F net loss by 26% but keep our FY24F profit forecast.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TOPGLOV’s 9MFY23 results disappointed due to a lower-thanexpected sales volume.It reiterated that a challenging and competitive business landscape will persist throughout 2023.We widened our FY23F net loss by 26% but keep our FY24F profit forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note - Top Glove Corporation - 19 Jun 2023

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and continued to optimise costs.</li>
<li>The group’s effective production capacity was also cut down further to 60bn pieces pa as a part of its turnaround plan (T6) – emphasising the need to boost operating efficiency.</li>
<li>Maintain NEUTRAL on Top Glove with DCF-based target price drops to MYR0.95 from MY0.98, 2% downside.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and continued to optimise costs.
The group’s effective production capacity was also cut down further to 60bn pieces pa as a part of its turnaround plan (T6) – emphasising the need to boost operating efficiency.
Maintain NEUTRAL on Top Glove with DCF-based target price drops to MYR0.95 from MY0.98, 2% downside.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume sales declined sharply.</li>
<li>From an oversold position coinciding with the industry bottoming out, Top Glove’s valuations have recovered off a sterling performance.</li>
<li>Top Glove (SGX:BVA) reported a 3QFY23 (Mar to May 2023) core net loss of RM107.8m (-34.5% q-o-q, -805.3% y-o-y). Losses narrowed from -RM164.7m on a q-o-q basis.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume sales declined sharply.
From an oversold position coinciding with the industry bottoming out, Top Glove’s valuations have recovered off a sterling performance.
Top Glove (SGX:BVA) reported a 3QFY23 (Mar to May 2023) core net loss of RM107.8m (-34.5% q-o-q, -805.3% y-o-y). Losses narrowed from -RM164.7m on a q-o-q basis.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Top Glove - 3QFY23 Losses Narrow But Disappoint Expectations

External broker reports(aggregated public sources), JF Apex Securities Berhad

JF Apex Securities Bhd

4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21, the Group’s net profit of RM7.9b soared 349.1% yoy amid stronger revenue of RM16.4b, which jumped 126.6% yoy underpinned by strong global gloves demand as well as higher blended average selling price (ASP) during Covid-19 pandemic. [...] Cumulatively, both revenue and PBT soared 126.6% yoy and 368.4% yoy spurred by strong global gloves demand as well as higher blended ASP (+146% yoy). [...] JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad.
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21, the Group’s net profit of RM7.9b soared 349.1% yoy amid stronger revenue of RM16.4b, which jumped 126.6% yoy underpinned by strong global gloves demand as well as higher blended average selling price (ASP) during Covid-19 pandemic. [...] Cumulatively, both revenue and PBT soared 126.6% yoy and 368.4% yoy spurred by strong global gloves demand as well as higher blended ASP (+146% yoy). [...] JF Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of JF Apex Securities Berhad.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

Top Glove Corporation Berhad - Lower Sales Volume On Higher ASP

Top Glove Corporation (Top Glove) reported a fourth consecutive quarterly net loss of RM130.6m in 3QFY23 (+20.7% QoQ) from a net loss of RM164.7m...

Public Investment Bank Bhd

Results Note - Top Glove Corporation - 19 Jun 2023

TOPGLOV’s 9MFY23 results disappointed due to a lower-thanexpected sales volume. It reiterated that a challenging and competitive business landscape...

Kenanga Investment Bank Bhd

Top Glove - Losses Narrow; Stay NEUTRAL

Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and...

RHB Invest

Top Glove - 3QFY23 Losses Narrow But Disappoint Expectations

Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume...

UOB Kay Hian

4QFY21: Earnings taper off

<p>4QFY21 which slid 70.1% qoq and 48.4% yoy on the back of subdued revenue of RM2.1b, deteriorating 49.2% qoq and 32% yoy. As for full year FY21,...

JF Apex Securities Bhd

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