All three glove players under our coverage, namely Top Glove, Hartalega and Kossan Rubber, posted a stronger set of results in the recent quarter, mainly attributed to increased sales volumes. We believe the glove industry is entering a recovery phase, with uptick in demand as customers replenish their inventories. Additionally, recent development with the US imposing higher tariff rates on China’s surgical and medical gloves from 7.5% to 25% effective by 2026, is expected to divert orders from China to Malaysia. This was largely unexpected and coupled with the normalization of raw material prices and favourable USD/MYR exchange rate trend, we believe the sector is now out of the doldrums and hence, we upgrade the sector from Underweight to Neutral.
Source: PublicInvest Research - 6 Jun 2024
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HARTA2024-11-21
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KOSSAN2024-11-21
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TOPGLOV2024-11-20
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TOPGLOV2024-11-19
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TOPGLOV2024-11-18
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HARTA2024-11-14
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TOPGLOV2024-11-13
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TOPGLOV2024-11-12
HARTA2024-11-12
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KOSSAN2024-11-12
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TOPGLOV