"Henry8833 Careplus latest quarter ended June 2020 EPS is 6.7 sen vs Harta 6.49 sen. Careplus is around RM 3.45 vs Harta RM 15.50....

Harta is so much overvalued...
02/09/2020 2:55 PM "

Yes you are right !! Harta only worth 3.45 !!
Quickly dump dump dump the shares !!!

Will drop to RM5.00 soon !! Quickly run run run !!!

F8ck !!!!

the above EPS computation is faulty, as you fail to dig further to consider some earning contained "one off" exceptional gains and might not sustainable in the next quarter !
For smaller glove companies, their forward EPS might fluctuate more than big 4 (traditionally showing steady and reliable EPS & growth !)

Simple logic :- Hartalega & Kossan is the last laggards in glove sector, Supermax & TG already peaking with their fantastic results !
All glove companies investors , ask yourself this one wise question :- do you still want to crazily chase up overvalue glove counters or slowly sapu-ing under value glove companies ??

"However, he believes ASPs will remain elevated until 1Q next year.

“Earnings for 3Q and 4Q2020 will still go up, especially for big players such as Hartalega Holdings Bhd and Kossan Rubber Industries Bhd because of their timing in raising ASPs.

“Supermax Corp Bhd raised its ASPs first, then Top Glove Corp Bhd, followed by Hartalega and Kossan. If ASPs come down, Supermax will be hit the most as its ASPs are the highest; this is also why Supermax’s share price has gone up the most,” he explains.

Year to date, shares in Supermax have shot up 1,301%, while Top Glove, Kossan and Hartalega added 406.8%, 246.2% and 192.3% respectively. "

https://www.theedgemarkets.com/article/selling-prices-gloves-remain-high-show-signs-peaking

Extract from an analyst's report in the edge today, that explains why Harta is still "laggard" !
That means HL just raised up their ASP, so the next Q's result will be very good !!
next Q's result exceed expectation then the share price will shoot UP for sure !!

Why owner buy back their own share ?
Very simple ! They see value in their own shares at the current price !
He knows the company in side out and understand there is growth there and rather put 25Mil cash back to own company than investing some where else !!

As for bonus issues, you can judge by their previous practice, I just checked their record, they are keen to give bonus issues once the company make huge profits , they gave bonus issues of 1:1 at 2010, 2012, 2015, 2018 !! almost every 2-3 years ! therefore bonus issue will be announced soon for sure, either this year or next year !!

https://klse.i3investor.com/blogs/gloveharicut/2020-08-17-story-h1512390724-TAN_SRI_DR_LIM_WEE_CHAI_spend_more_than_RM21_million_to_buyback_TOPGLOV.jsp

read this

HL s past 2 quarters result were delivered below expectation, I am very sure next Q will deliver a "above expectation" result !!

Last week TG boss Lim wee Chai also bought back share worth RM21 mil but the news have been published and spread everywhere !!
HL boss Kuan Kam Hong bought back share worth RM25 mil (even more money) but nobody talk about it ??

I found it strange ! HL do things with low profile !!

Didn't you notice big boss Kuan Kam Hong sapu big last week ? RM25 mil worth of share wallop-ed by him !!
If no good news, big boss buy back share for what ??

Very sure, bonus issues announced soon or the next QR result will be very very good !!
AGM 15-9 right ?? wait for good news !!!

Also one director accumulating recently !
They must have known sth which is very good for the company !

According to past 1 week , the big boss Kam “taruh” around RM25 mil alone to buy back own shares !
Nobody commented about that here ??
Tiny farts from bosses from TG & Supermax will spread virals all over the place whereas HL being low profile and be neglected !
Seems like sth is brewing ! Hold until AGM and wait for good news ! Bonus issue ?
It won’t stay laggard for long , it is time for HL to shoot up .... SOON !!

Big Boss keep buying non stop !!
Be patient and you will be rewarded !!

oil and gas counters will shoot up in 1st half 2021 !! Be patient !!

Maybank IB sees good prospects in 2021 for mid-cap financial/banking, glove, healthcare, oil and gas, tech stocks
Author: savemalaysia | Publish date: Sat, 15 Aug 2020, 3:32 PM

KUALA LUMPUR, Aug 15 — Maybank Investment Bank (Maybank IB) says it sees bright prospects in 2021 for mid-capitalised stocks in the financial/banking, glove, healthcare, oil and gas as well as technology sectors.

Retail research head Tee Sze Chiah said as it is four months before the end of the year, it would be to late to join the glove rally this year, though there are opportunities next year for some sectors.

“The first is mid-capitalised financial or banking stocks, because financial stocks behave or react positively to economic growth.

“This year I think economic growth and gross domestic product (GDP) growth is definitely not positive, but next year we do expect recovery, so during the time, you do expect banks to pick up as businesses and consumers start to spend, and basically demand for financial products will increase hence the profitability of banks will also pick up,” he told reporters at the Market Outlook Second Half of 2020 (2H2020) Webinar here today.

Secondly, he said, the glove and healthcare sectors would continue to do well in the first half of 2021.

“The first half and the upcoming quarterly results should continue to stay strong, because this basically reflects the current backlog that they have in hand right now.

“So for the next few quarters it will stay strong and hence the share price rally momentum will continue until the first half of 2021, but coming into the second half, you need to be wary, (as) this is where you need to see (whether) Covid-19 vaccines are there and we do expect demand to normalise,” said Tee.

Thirdly would be the oil and gas sector, he said, adding that Maybank IB analysts are expecting higher oil prices and the momentum should be there.

Another sector to look at is technology as 5G adoption is a long-term prospect, but in this case, stock-specific moves are very important, he noted.

It (5G) will not benefit the whole semi-conductor industry in Malaysia, Tee said, pointing out that Malaysia is one of the low-cost, lower-value chains among the semiconductor sector and there could be one or two that could benefit.

Meanwhile, senior chartist Nik Mohd Ihsan Raja Abdullah said during the last few years, the oil and gas sector saw a lot of under-investment, with capital expenditure for global oil production actually being quite low.

“When the demand starts to come in, supply can’t keep up with the demand, and that would lift oil prices higher,” he said, adding that in 2021 quite a number of oil and gas stocks would be up for trade. — Bernama

Maybank IB sees good prospects in 2021 for mid-cap financial/banking, glove, healthcare, oil and gas, tech stocks
Author: savemalaysia | Publish date: Sat, 15 Aug 2020, 3:32 PM

KUALA LUMPUR, Aug 15 — Maybank Investment Bank (Maybank IB) says it sees bright prospects in 2021 for mid-capitalised stocks in the financial/banking, glove, healthcare, oil and gas as well as technology sectors.

Retail research head Tee Sze Chiah said as it is four months before the end of the year, it would be to late to join the glove rally this year, though there are opportunities next year for some sectors.

“The first is mid-capitalised financial or banking stocks, because financial stocks behave or react positively to economic growth.

“This year I think economic growth and gross domestic product (GDP) growth is definitely not positive, but next year we do expect recovery, so during the time, you do expect banks to pick up as businesses and consumers start to spend, and basically demand for financial products will increase hence the profitability of banks will also pick up,” he told reporters at the Market Outlook Second Half of 2020 (2H2020) Webinar here today.

Secondly, he said, the glove and healthcare sectors would continue to do well in the first half of 2021.

“The first half and the upcoming quarterly results should continue to stay strong, because this basically reflects the current backlog that they have in hand right now.

“So for the next few quarters it will stay strong and hence the share price rally momentum will continue until the first half of 2021, but coming into the second half, you need to be wary, (as) this is where you need to see (whether) Covid-19 vaccines are there and we do expect demand to normalise,” said Tee.

Thirdly would be the oil and gas sector, he said, adding that Maybank IB analysts are expecting higher oil prices and the momentum should be there.

Another sector to look at is technology as 5G adoption is a long-term prospect, but in this case, stock-specific moves are very important, he noted.

It (5G) will not benefit the whole semi-conductor industry in Malaysia, Tee said, pointing out that Malaysia is one of the low-cost, lower-value chains among the semiconductor sector and there could be one or two that could benefit.

Meanwhile, senior chartist Nik Mohd Ihsan Raja Abdullah said during the last few years, the oil and gas sector saw a lot of under-investment, with capital expenditure for global oil production actually being quite low.

“When the demand starts to come in, supply can’t keep up with the demand, and that would lift oil prices higher,” he said, adding that in 2021 quite a number of oil and gas stocks would be up for trade. — Bernama

KYY just posted :-
" As a result, many people called me to express their concern. Mr Ooi Teik Bee ranged me last night to seek my opinion. We are also wondering why all the glove stocks should be dropping so rapidly in tandem in the last few days. In most cases, one stock might drop but the other might go up instead. It looks like all the Investment Banks ganged up to push the glove share prices down so that they can continue to collect at cheaper prices. "

If you never play with warrants, you can sleep well and wait for the long term gains !
conclusion :- If all warrants or glove share price keep going up, how the IBs make money ?
They ganged up and press down to slaughter all weak-holders or newbies !! as simple as that

How can share price keeps going up non-stop ?
Need time to take a rest, profit taking, correction etc ....
If all glove counters keep going up without correction, then we all must be very worried then !! (this thing can only happen in heaven or your sweet dream !)
We are still alive in planet earth ! LOL

If you want to order any glove today, you need to pay deposit of 30% with 300%-above the price you get in January, 20 and .... queue for 1 year & more to get your delivery !!
If you want your glove urgently, pay spot-price of 30% on top of the above inflated price !!
Over supply ???

0.5. 150 mil

Harta's CEO is quietly plotting all those expansion with an ambition .... (less talk more action !)
that's why the share price remain laggard ! (best opportunity to collect at cheap!)
Comparing to TG's CEO can't wait to tell reporters any single tiny matter in order to boost share price !! (attracting too much attention from investing public and fried UP the price d !)

All this while, Harta have been losing out to TG in terms of volume of production, but Harta's technology, automation and innovation of products is the best in the market !
Imagine, if they can increase their volume (what that are doing now by acquiring land for expansion aggressively to target 95 billions piece (almost TG's 100b output) with lesser cost so better pricing in competition , they will rival TG strongly and TG might lose out eventually !

It will be Harta, not TG , that will achieve Fortune Global 500 .. first !! (if TG can still catch up later )

For long term investors, they always earn much more than short term traders !
If choose a right fundamentally strong company, easily 1000% returns in 5 years !
Go and check with Warren Buffet & the gangs, you will know

For traders, today you win big, but tomorrow you also lose big, win win lose lose, plus plus minus minus, most of them faded and disappeared from the market eventually if crisis comes !

“The existing expansion in NGC Sepang is scheduled to be completed by 2021. Upon completion, the annual installed capacity will increase to 44 billion pieces.

“Coupled with the previous acquisition of 95 acres of land in Banting to build NGC 2.0, total annual installed capacity will increase to 95 billion pieces upon completion by year 2027,” it noted.

Soon, Harta will overtake TG as the biggest glove makers in the future !!

With their well-managed operation and younger/hungrier CEO and team, they might eat into TG's market share in the future (when the demand for glove is down ). TG experiencing bad reputation in US & western countries whereas Harta's reputation getting better and better by not overcharging their MNC clients !! The CEO has a very good foresight and aiming for long term business growth !

BY 2027, the share price will definitely worth RM200 at least !! IF you have the patient to hold that long !

If Harta continue to stay laggard, and when foreign funds are back, they will surely SAPU it !!

Even if Harta announced a below-expectation-profit in the coming QR, it will only cause a minor knee jerk reaction the next day, few days later, the price will continue to go UP . My observation when market players are riding with the thematic trend !!

IF most foreign fund managers come back to invest in Bursa, the first counter they want to SAPU is definitely HARTALEGA !!!

Don't worry about UB's TP etc, it doesn't make any sense no more !!
average TP is 20, if millions or billions of crazy hot money hit the glove counters , sky is the limit !!

Bearing in mind, now only retailers are f*cking around with glove counters, that's why small cap gloves have a crazy surge, foreigners have been withdrawing from Bursa from the past few months, once they come back and notice Harta (used to be foreign fund managers favourite ) still a laggard, just think what would they do ??

Glove & PPE gone crazy liao !!
either you make tonnes of money following the crazy tide or being walloped by sharks at the end !!

Trade with Cautious lah !!!

Forget about their QR , 100 mil, 200mil or even 800 mil !
This is what happen to glove counters in the past few days :-

Esceram :- QR announced with loss, panic selling the next day,... yesterday & today LIMIT UP
HLT :- QR announced with chicken feed profit with history of substantial loss (almost PN4 company) ... LIMIT UP for few days
Careplus :- QR surprising the public (only one Q of huge profit with habitual losses in the past) , LIMIT UP for few days
Comfort :- IB gave a latest TP of 4.80, our legendary KYY openly dumped all shares at 4.00 + and switch to TP... now share price shoot up to 7.20 and rising ...
Rubberex :- big boss want to sapu all shares at 1.80. now also UP UP UP to 7.00 ++

Throw off what fundamental rules, analysis you learned before to the dustbin and DANCE with the sharks and innocent newbies !!

Welcome to crazy hot money party !! MUSIC >>>>>>>>>

The only rule applied in Bursa nowadays is this one :-
The greatest fool theory :- buy higher and higher and see who ends up being the greatest fool ! LOL

Don't worry about the QR , fundamentals , accounting analysis !
My observation is nowadays there are too many hot, foolish, crazy, newbies money in the share market !!
Whenever they see the f*cking word of "glove" "PPE" , those crazy people will jump in as if there is no tomorrow !!
Even the qr is below expection, reduced profit, even making loss, public ( all stock gurus, analysts, even respectable writers) will find an excuse to say otherwise to justify the high price !!
All those experts also go crazy and blinded by greed already !

I believe once those crazy hot money finished off with small glove counters, they will spill over to f*ck with laggard top 4 !!
So what should we do ?
Just sit on it and enjoy the crazy ride but always always remember this sober sane quote from warren buffet : " be fearful when others are greedy !"
When the time is the right, remember to jump off this crazy ride before the disaster hit ! ( eventually will kill off many people just don't know when !)

Harta are the same giant size of TG, TG can deliver x3 profit growth, so will Harta !
Most analysts' think !

Harta has been a laggard amongst the big 4 is because their last QR (up to March, 20) did not show huge profit , whereas the rest of the glove companies are reporting their QR (mostly up to May, June 20 etc ) with X2 or X3 profit growth !

Hope their QR up to June, 20 (to be announced next week ?) can show x2 , x3 or even x4 + profit growth then all IBs will be queueing up to raise the TP already lah !!

"KUALA LUMPUR (Aug 1): Hartalega Holdings Bhd overtook Public Bank Bhd to become Malaysia third most valuable listed company on July 2020’s final trading day on Thursday (July 30) when the rubber glove manufacturer’s market capitalisation of about RM69.51 billion surpassed Public Bank’s estimated RM66 billion.

On Thursday, Hartelega’s share price closed up 16 sen or 0.8% at RM20.28 while Public Bank shares fell 54 sen or 3.08% to RM17.

Malaysia’s most-valuable listed entity is Malayan Banking Bhd (Maybank) followed by Top Glove Corp Bhd.

The Covid-19 lockdown measures enforced over the last few months have presented an unprecedented challenge for small businesses in Malaysia.

Maybank’s share price ended down eight sen or 1.03% at RM7.67, which values the group at around RM86.22 billion.

Top Glove dropped 26 sen or 0.99% to RM25.88, valuing the world’s largest rubber glove manufacturer by output volume at some RM69.96 billion."

Interesting paragraph in the Edge above, the top 4 companies in Bursa market cap is as below :-
1. Maybank - 86.22 b
2. Top Glove - 69.96 b
3. Harta - 69.51 b
4. Public Bank - 66 b

Harta just losing out to TG by 0.45 b (450 mil) in terms of market cap !!

Can this Harta horse overtake TG next week ?? LOL

SCGCSLSRW , haha, if you listen to and compare how TG boss talks and how Harta boss talks, then you know what I mean !!
Sorry, just from my instinct , TG boss is not the one you want to befriend with !
(again, i could be wrong)

@SCGCSLSRW .. Haha ! Again, to analyze with logic :-

First, I am just a small fry with small fund portfolio just for part time value investing, my humble comment won't catch many public attention at all, the most are "own say own shiok" only !
Second, if I am so powerful in analysis that can bring down the whole price of TG, I will be long worshiped as stock god like KYY or OTB etc already !

All in all, I think most glove makers have risen to a high level of pricing already, need to be extra cautious ! Once any news of mass production of quality gloves coming out from China, we need to dump at ANY cost just to protect all profit gained thus far !!

I just wrote according to my humble analysis, I am no stock sifu and I know I could be wrong !
Maybe you have other infos I don't know ! If you guys have different ideas and analysis, you are very welcomed to share , that's how we improve our knowledge, thank you !

@pang72, i agree with you regarding Mr K , even if he has quietly sold off all his shares, nobody know ! those who blindly follow any stock idols will be slaughtered at the end ! They might have their own agenda behind ! We should read more and share more infos, then think carefully and rationally with all facts available !

@fatguyman, I understand there are many people holding TP & Harta at the same time, as what I used to do ( From May-July, I even spreaded all my holding in all glove companies (big or small) listed in Bursa previously with different weightage at one time ! Of course more exposure to big 4, least exposure to small 4 (comfort, rubberex, careplus, esceramic) , one by one I took profit once the price rose up to ridiculous level and now concentrate and sai lang all capital & retained profit only in Harta !)
The last big glove co I dumped is TG, I just offloaded all few days ago when the news of NZ banning their products came out.

That is my analysis on TG so far, just my personal opinion, if you disagree , pls don't scold me (lol), I could be wrong :-
red flag one :- US custom withhold their products due to labor abuse issue, and I read that this issue has existed even a year ago,
red flag two :- NZ biggest supermarket chain banned their products due to same issue !
red flag three :- the boss in the immediate zoom press conference said the US issue will be resolved in 2 weeks but now it is more than 2 weeks d ! (meaning the boss just sweet talk to the public with no certainty, I read one IB 's analysis that based on precedent, this issue could prolong up to 3 months !)

I just don't feel comfortable with this issue prolonging and even spreading to other western countries ! I read many analysis, mostly with "confirmation biased" that... " if US don't accept sell to Mexico lah " , "many countries / suppliers waiting to buy from us " ( explained arrogantly by the boss in press conference) or "now is critical time in US, they will surely release the products soon as their PPE is running short" etc

Come on, those blinded with confirmation bias failed to realize, US got tonnes of money, US represented by Trump with huge ego, they will kow tow to you TG ? They will say "sorry TG, I judged you wrongly, now I released your products !" ?? you go and ask China then you will know ! You thought TG is the only glove maker on this planet who produce gloves ?
Worst come to worst, US can just reject your products and pay high premium spot price to buy replacement from other glove cos , the likely beneficiaries will be Harta, Kossan or Supermax (as they are amongst the top 4 in the world !)

Once their products are confirmed rejected due to labour issue, what happen to their reputation in world glove market ? Most western countries won't buy from them ! yes...according to their big mouth boss, they can sell to Mexico or other 3rd world countries... then the questions will be ... will they fetch good price ? Good ASP ?
Plus they even need to spend more to settle their labor issues, or even need to pay more to their labors to appease them ... end of the day, those will eat into their cost ! Cost will rise !!
All these problems will reflect in their next QR, I believe !

conclusion :- don't fall in love with any particular stock, company plagued with prolonging issue, the risk is high and I rather dump it to invest in its biggest rival ! remember, TP's loss will be Harta's gain ! If one day Harta get into any serious issue or rise to a ridiculous high price, I will do the same ! End of the day, we just want to maximize our profit !

My conclusion :- Harta is last under value and most stable glove company left in Bursa !!
Dump all your shares in other glove companies and convert & sai lang into Harta !! Before the public or IBs find out and fry it UP !!

One thing I discover, most IB will give higher PE for Harta (40-45) than TG (35-40) as Harta is mostly automated and relying less on human labor (that's explain they don't have labor abuse issues !) and they have lower costing !

My own findings... :-
If Harta can really achieve EPS of RM0.83, PE of 40 = RM33.20, PE of 45 =RM37.35 !!

at current price of RM20 +, it has an upside potential of 80% at least !!!

As my earlier KYY's method of computing laggard, also it is Harta the most undervalue !!

Year to date upside of top 4 gloves :-
"Top glove :- up 456%
Harta :- up 267%
Kossan :- up 330%
Superman :- up 1,244%"

whereas for other small 4 or cheat 4 glove counters, most already shooting up to ridiculous high risk of 1000 - 2000% YTD (many newbees will be trapped and slaughtered by syndicates for sure !!)

I just browse thru two bloggers' write up of estimation of Harta expected EPS for 2021 :- bewteen 0.83 to 0.92 per share and both bloggers also using the same methodology to compute TG's EPS.


"A possible full year EPS of RM0.92 coupled with :

PE25 a possible share price of RM23.00
PE30 a possible share price of RM27.60
PE35 a possible share price of RM32.20

Despite this it doesn’t means that we’re not interested in other glove counters, it is however we had manage to receive more information on the above 2 companies compared to others as such we are more keen in going with what we CONFIRMED than speculations as we can see from other smaller players which reported a somewhat under expected results.

We’re quite sure the ASP of the above 2 companies is now already at least 100% or more since April 2020, and are still in the rise especially since their orders have been confirmed till year 2021.

Vaccine is still the major concern for the gloves industry as it may spell an end to the COVID-19 pandemic however medical experts have already informed that the earliest possibility of vaccine will be by next year.

Given this I strongly believe the trend of glove movement is still intact given the recent corrections in the chart and especially when all big 4 gloves companies have now entered into their newest high prices as per our prediction forming a new higher high for the uptrend patterns. "




"Hartalega's FY21 full year earnings is expected to leapfrog to RM2.8bil or EPS of RM0.83/share.

Superior margin ahead of its peers

TopGlove's profit is expected to jump by 5% for every 1% hike in ASP. Hartalega's profit is expected to jump 11% for every 1% hike in ASP. This is due to extreme efficiencies at NGC plant compared to its peers. Hartalega's plant are almost 100% automated.

ASP hike of 35% - 40% for June

Net profit to jump 350% - 400% from June and onwards. Assuming a 35% hike in ASP, Harta's net profit is expected to jump by 385%. Net profit for next quarter is expected to be between RM450mil - RM600mil.

Largest base in US

Harta's base in US is 55%. Compared to its peers, its the largest.

Antimicrobial glove catalyst

Game changer for Harta. No other big 4 glove companies is able to produce antimicrobial glove at a mass scale. This gloves has already been sold in Europe. Once FDA is obtain by year end, Harta is expected to command another premium to its share price.

Director acquisition of shares

Compared to its peers, only Harta's directors/founders have been acquiring shares at high prices. This is a strong sign that the management has absolute confidence in the company.

Valuation

Harta is undervalued compared to its peers at current valuation of 15x FY21 PE. Ascribe a 30x FY21 PE to arrive at RM24.80.

We believe Harta fully deserves to be the largest market cap company in Malaysia "

I remember reading some forumers said here before Harta forum full of intelligent analysis and comments and TG s forum full of idiots, morons , psychopaths, punters , retards , etc ....

I remember some forumers said here before Harta forum full of intelligent analysis and comments and TG s forum full of idiots, morons , psychopaths, punters , etc .... lol

“The bar on Top Glove's units did not dampen investor appetite in the company, whose share price rose to historical highs in the week after the Customs' detention. Top Glove's shares have climbed 456% this year, driven by demand associated with the COVID-19 pandemic.

Share prices of other major glove producers, including Hartalega Holdings, Kossan Rubber Industries and Supermax Corporation have soared 267%, 330% and 1,244% respectively year-to-date.”

Just read an interesting paragraph above , and based on KYY’s computation (although some forumers criticize it) as which top 4 globe stocks are lagging behind the recent uptrend :-

Top glove :- up 456%
Harta :- up 267%
Kossan :- up 330%
Superman :- up 1,244%

So ... fellow smart investors , who is the most undervalue ? Lol

I think should be another way round ! more competitors will lose out to Harta in terms of innovation , quality & reputation !
TG is the biggest rival to be lost out to Harta for sure !
Not only in US but in most western countries!

They exploited human rights, abused labors, then they have to bear the consequences !!

There are other glove companies or even other business wouldn't have done that ... Even if you can make tonnes of money from this company, those money are "black heart money " !

If you want to make money with conscience and principle, can always swap to other glove companies !!

Harta 's biggest rival is TG, I sold off all shares in TG and swap to Harta when I keep reading bad news about TG in labor exploitation ... and the issues won't be going away and might spread to other western countries which will treat this issue seriously !!

TG's above prolonging issues might eventually harm their profit margin (if they can't sell at premium in western countries then have to sell cheap to other countries + extra cost to deal with customs or lose customers in western countries !) and could in turn benefit and boost Harta's revenue & profit margin (western countries will rather pay high spot price to harta to get replacement ) !!

Those issue simply reflect badly on TG s management, comparing to Harta's efficient management, I think it is just a matter of time, Harta will overtake TG as the big tai koh in glove industry in the long run !!