XD

lol OMH up 2 days but gave up the gains in 1 day

haha even he has stopped

Somehow this stock has 0 interest

OMH shares in Australia seems to be 2-3% cheaper vs Malaysia. Think investors with access to Aussie market should buy there and transfer to Malaysia. Can make some profit that way

Oh wow A$100m net profit? They only made A$17m in 1H 2021.

Ferrosilicon and SiliconManganese are highly power intensive materials, much like aluminum. The price surge for these materials should be sustainable and the prices will be higher vs recent years. As the world focus on decarbonization, energy and power prices should be sustainably higher going forward due to underinvestment in fossil fuels whilst renewables are still playing catch up. Power intensive materials are akin to liquefied form of energy should see soaring prices. OMH and Press Metal which have locked in power purchase agreement for 20 years on the back of very low prices back then should benefit.

Heard target profit about RM50m next year making it only slightly >20x P/E. Significantly cheaper vs its big brother UWC

chiong

BTR

The announcement sounds like there is a fraud though details are lacking. And the company didn't even bother suspending the stock until further details is released to the Bursa. Utter disregard for shareholders' interest. The board should be sacked for this. Maybe big shark trying to accumulate the stock by creating panic.

Bonus issue will help improve liquidity, while revenue and earnings is going up gauging based on UWC trends. Even if you annualised latest quarter profit of RM6m, PE is 20x. If there's growth PE is even lower. Impressive

what is happening?

This Kossan damn useless. Up 2% only.

Hopeless bank. 3-4% ROE expected in the coming years. The bank might as well just sack everyone and liquidate everything and just buy bonds might get better ROE.

By CLSA Analyst Stephanie Cheah:

Dialling back to the basics
Diving into sustainable fair values following two bumper years
Recent volatility in sector share prices despite no change in fundamentals has led us to question if investors are now looking beyond two years of stellar earnings growth. Valuations are undoubtedly attractive across glove-makers, in our view, at single-digit PEs pegged to peak 12-month forward earnings, further backed by c.5%-9% dividend yields. However, we aim to provide a yardstick for investors by capturing both the value of the short-term boom period coupled with the long-term value from higher, sustainable earnings. This exercise still yields upside potential for glove stocks from current share prices, further affirming our Overweight stance on the sector.

Tying in our base case and timeline
>The mass availability of an effective Covid-19 vaccine, especially in the glove-makers key US market, will ndeniably spell the end of the sector’s hyper-normal era.
>Our base case assumes a mass vaccination by mid-2021, and that the vaccination process coupled with restocking activity will sustain utilisation rates.
>Our near-term ASPs therefore continue to price-in an uptrend up until mid-2021 where we expect price-leader, Top Glove’s ASPs to converge with that of peers Hartalega and Kossan. We subsequently expect the three glove makers to see the gradual normalization of their ASPs at c.US$50/1,000 pcs for nitrile gloves by end-2021.
>The key risk to our base case is potential oversupply from new entrants, although see this as unlikely given constraints in synthetic latex raw materials, whereby we estimate the global raw material supply to just be sufficient to meet the current demand of the major glove players (Figure 5).

End-users will likely be conditioned-to higher ASPs in two years
>A major conundrum amongst investors is on where ASPs will land post-demand normalisation which we expect to be in mid-2022.
>We take the view price stickiness will lead to longer-term nitrile ASPs of c.US$30/1,000pcs, and latex ASPs to average at US$22/1,000 pcs. This translates to a 35%/15% higher sustainable increase versus pre-Covid-19 levels.
>Inelastic glove demand coupled with a limited number of players controlling the lion’s share of global glove capacity are prime factors for higher sustainable ASPs. After 2-3 years of hyper-normal ASPs, end-users will have been conditioned for high ASPs, in our view, while there is limited incentive for manufacturers or distributors to lower the prices in quick succession due to inelastic demand.

Valuing the short-term boom while considering the longer-term earnings base
>The glove mania has split investors along two camps with one arguing it is unreasonable for the sector trades at single-to-low double-digit forward 12-month multiples while the second argues it is unrealistic to pay a mean multiple on peak forward earnings which are unsustainable. Both views have merits.
>With market expectations of supernormal profits increasingly being priced-in, it is necessary to value the sector from the perspective of a long-term strategic investor, where we still see significant value being derived on a medium-term horizon.
>Our revised valuation methodology discounts at the cost of equity the FCFE during the boom period (FY20-23) and the target market cap at the end of the boom period by employing a target PE multiple on sustainable earnings and ASPs.

Maintain BUY ratings post-earnings revisions and valuation methodology changes
>Hartalega: We forecast FY21/22/23 (Mar) NP of RM3.1/RM4.7/RM2.0bn (+5.6x/+50%/-56% YoY). We lower our target price from RM25 to RM20 implying an FY22CL PE of 15x and a 21CL yield of c.7%.
>Top Glove: We forecast FY20/21/22 (Aug) NP at RM1.8/RM11.2/RM4.2bn (+64%/+5.2x/-63% YoY). We lift our target price from RM9.33 to RM10.00 (bonus adjusted), implying a FY21CL PE of 7x and a 21CL yield of 9%.
>Kossan Rubber: We forecast FY20/21/22 (Dec) NP of RM758m/RM2.5bn/RM830m (+2.4x/+2.3x/-67% YoY). We lower our target price from RM17.40 to RM16.10 implying a
FY21CL PE of 8x and a 21CL yield of c.5%.

By CLSA Analyst Stephanie Cheah:

Dialling back to the basics
Diving into sustainable fair values following two bumper years
Recent volatility in sector share prices despite no change in fundamentals has led us to question if investors are now looking beyond two years of stellar earnings growth. Valuations are undoubtedly attractive across glove-makers, in our view, at single-digit PEs pegged to peak 12-month forward earnings, further backed by c.5%-9% dividend yields. However, we aim to provide a yardstick for investors by capturing both the value of the short-term boom period coupled with the long-term value from higher, sustainable earnings. This exercise still yields upside potential for glove stocks from current share prices, further affirming our Overweight stance on the sector.

Tying in our base case and timeline
>The mass availability of an effective Covid-19 vaccine, especially in the glove-makers key US market, will ndeniably spell the end of the sector’s hyper-normal era.
>Our base case assumes a mass vaccination by mid-2021, and that the vaccination process coupled with restocking activity will sustain utilisation rates.
>Our near-term ASPs therefore continue to price-in an uptrend up until mid-2021 where we expect price-leader, Top Glove’s ASPs to converge with that of peers Hartalega and Kossan. We subsequently expect the three glove makers to see the gradual normalization of their ASPs at c.US$50/1,000 pcs for nitrile gloves by end-2021.
>The key risk to our base case is potential oversupply from new entrants, although see this as unlikely given constraints in synthetic latex raw materials, whereby we estimate the global raw material supply to just be sufficient to meet the current demand of the major glove players (Figure 5).

End-users will likely be conditioned-to higher ASPs in two years
>A major conundrum amongst investors is on where ASPs will land post-demand normalisation which we expect to be in mid-2022.
>We take the view price stickiness will lead to longer-term nitrile ASPs of c.US$30/1,000pcs, and latex ASPs to average at US$22/1,000 pcs. This translates to a 35%/15% higher sustainable increase versus pre-Covid-19 levels.
>Inelastic glove demand coupled with a limited number of players controlling the lion’s share of global glove capacity are prime factors for higher sustainable ASPs. After 2-3 years of hyper-normal ASPs, end-users will have been conditioned for high ASPs, in our view, while there is limited incentive for manufacturers or distributors to lower the prices in quick succession due to inelastic demand.

Valuing the short-term boom while considering the longer-term earnings base
>The glove mania has split investors along two camps with one arguing it is unreasonable for the sector trades at single-to-low double-digit forward 12-month multiples while the second argues it is unrealistic to pay a mean multiple on peak forward earnings which are unsustainable. Both views have merits.
>With market expectations of supernormal profits increasingly being priced-in, it is necessary to value the sector from the perspective of a long-term strategic investor, where we still see significant value being derived on a medium-term horizon.
>Our revised valuation methodology discounts at the cost of equity the FCFE during the boom period (FY20-23) and the target market cap at the end of the boom period by employing a target PE multiple on sustainable earnings and ASPs.

Maintain BUY ratings post-earnings revisions and valuation methodology changes
>Hartalega: We forecast FY21/22/23 (Mar) NP of RM3.1/RM4.7/RM2.0bn (+5.6x/+50%/-56% YoY). We lower our target price from RM25 to RM20 implying an FY22CL PE of 15x and a 21CL yield of c.7%.
>Top Glove: We forecast FY20/21/22 (Aug) NP at RM1.8/RM11.2/RM4.2bn (+64%/+5.2x/-63% YoY). We lift our target price from RM9.33 to RM10.00 (bonus adjusted), implying a FY21CL PE of 7x and a 21CL yield of 9%.
>Kossan Rubber: We forecast FY20/21/22 (Dec) NP of RM758m/RM2.5bn/RM830m (+2.4x/+2.3x/-67% YoY). We lower our target price from RM17.40 to RM16.10 implying a
FY21CL PE of 8x and a 21CL yield of c.5%.

By CLSA Analyst Stephanie Cheah:

Dialling back to the basics
Diving into sustainable fair values following two bumper years
Recent volatility in sector share prices despite no change in fundamentals has led us to question if investors are now looking beyond two years of stellar earnings growth. Valuations are undoubtedly attractive across glove-makers, in our view, at single-digit PEs pegged to peak 12-month forward earnings, further backed by c.5%-9% dividend yields. However, we aim to provide a yardstick for investors by capturing both the value of the short-term boom period coupled with the long-term value from higher, sustainable earnings. This exercise still yields upside potential for glove stocks from current share prices, further affirming our Overweight stance on the sector.

Tying in our base case and timeline
>The mass availability of an effective Covid-19 vaccine, especially in the glove-makers key US market, will ndeniably spell the end of the sector’s hyper-normal era.
>Our base case assumes a mass vaccination by mid-2021, and that the vaccination process coupled with restocking activity will sustain utilisation rates.
>Our near-term ASPs therefore continue to price-in an uptrend up until mid-2021 where we expect price-leader, Top Glove’s ASPs to converge with that of peers Hartalega and Kossan. We subsequently expect the three glove makers to see the gradual normalization of their ASPs at c.US$50/1,000 pcs for nitrile gloves by end-2021.
>The key risk to our base case is potential oversupply from new entrants, although see this as unlikely given constraints in synthetic latex raw materials, whereby we estimate the global raw material supply to just be sufficient to meet the current demand of the major glove players (Figure 5).

End-users will likely be conditioned-to higher ASPs in two years
>A major conundrum amongst investors is on where ASPs will land post-demand normalisation which we expect to be in mid-2022.
>We take the view price stickiness will lead to longer-term nitrile ASPs of c.US$30/1,000pcs, and latex ASPs to average at US$22/1,000 pcs. This translates to a 35%/15% higher sustainable increase versus pre-Covid-19 levels.
>Inelastic glove demand coupled with a limited number of players controlling the lion’s share of global glove capacity are prime factors for higher sustainable ASPs. After 2-3 years of hyper-normal ASPs, end-users will have been conditioned for high ASPs, in our view, while there is limited incentive for manufacturers or distributors to lower the prices in quick succession due to inelastic demand.

Valuing the short-term boom while considering the longer-term earnings base
>The glove mania has split investors along two camps with one arguing it is unreasonable for the sector trades at single-to-low double-digit forward 12-month multiples while the second argues it is unrealistic to pay a mean multiple on peak forward earnings which are unsustainable. Both views have merits.
>With market expectations of supernormal profits increasingly being priced-in, it is necessary to value the sector from the perspective of a long-term strategic investor, where we still see significant value being derived on a medium-term horizon.
>Our revised valuation methodology discounts at the cost of equity the FCFE during the boom period (FY20-23) and the target market cap at the end of the boom period by employing a target PE multiple on sustainable earnings and ASPs.

Maintain BUY ratings post-earnings revisions and valuation methodology changes
>Hartalega: We forecast FY21/22/23 (Mar) NP of RM3.1/RM4.7/RM2.0bn (+5.6x/+50%/-56% YoY). We lower our target price from RM25 to RM20 implying an FY22CL PE of 15x and a 21CL yield of c.7%.
>Top Glove: We forecast FY20/21/22 (Aug) NP at RM1.8/RM11.2/RM4.2bn (+64%/+5.2x/-63% YoY). We lift our target price from RM9.33 to RM10.00 (bonus adjusted), implying a FY21CL PE of 7x and a 21CL yield of 9%.
>Kossan Rubber: We forecast FY20/21/22 (Dec) NP of RM758m/RM2.5bn/RM830m (+2.4x/+2.3x/-67% YoY). We lower our target price from RM17.40 to RM16.10 implying a
FY21CL PE of 8x and a 21CL yield of c.5%.

By CLSA Analyst Stephanie Cheah:

Dialling back to the basics
Diving into sustainable fair values following two bumper years
Recent volatility in sector share prices despite no change in fundamentals has led us to question if investors are now looking beyond two years of stellar earnings growth. Valuations are undoubtedly attractive across glove-makers, in our view, at single-digit PEs pegged to peak 12-month forward earnings, further backed by c.5%-9% dividend yields. However, we aim to provide a yardstick for investors by capturing both the value of the short-term boom period coupled with the long-term value from higher, sustainable earnings. This exercise still yields upside potential for glove stocks from current share prices, further affirming our Overweight stance on the sector.

Tying in our base case and timeline
>The mass availability of an effective Covid-19 vaccine, especially in the glove-makers key US market, will ndeniably spell the end of the sector’s hyper-normal era.
>Our base case assumes a mass vaccination by mid-2021, and that the vaccination process coupled with restocking activity will sustain utilisation rates.
>Our near-term ASPs therefore continue to price-in an uptrend up until mid-2021 where we expect price-leader, Top Glove’s ASPs to converge with that of peers Hartalega and Kossan. We subsequently expect the three glove makers to see the gradual normalization of their ASPs at c.US$50/1,000 pcs for nitrile gloves by end-2021.
>The key risk to our base case is potential oversupply from new entrants, although see this as unlikely given constraints in synthetic latex raw materials, whereby we estimate the global raw material supply to just be sufficient to meet the current demand of the major glove players (Figure 5).

End-users will likely be conditioned-to higher ASPs in two years
>A major conundrum amongst investors is on where ASPs will land post-demand normalisation which we expect to be in mid-2022.
>We take the view price stickiness will lead to longer-term nitrile ASPs of c.US$30/1,000pcs, and latex ASPs to average at US$22/1,000 pcs. This translates to a 35%/15% higher sustainable increase versus pre-Covid-19 levels.
>Inelastic glove demand coupled with a limited number of players controlling the lion’s share of global glove capacity are prime factors for higher sustainable ASPs. After 2-3 years of hyper-normal ASPs, end-users will have been conditioned for high ASPs, in our view, while there is limited incentive for manufacturers or distributors to lower the prices in quick succession due to inelastic demand.

Valuing the short-term boom while considering the longer-term earnings base
>The glove mania has split investors along two camps with one arguing it is unreasonable for the sector trades at single-to-low double-digit forward 12-month multiples while the second argues it is unrealistic to pay a mean multiple on peak forward earnings which are unsustainable. Both views have merits.
>With market expectations of supernormal profits increasingly being priced-in, it is necessary to value the sector from the perspective of a long-term strategic investor, where we still see significant value being derived on a medium-term horizon.
>Our revised valuation methodology discounts at the cost of equity the FCFE during the boom period (FY20-23) and the target market cap at the end of the boom period by employing a target PE multiple on sustainable earnings and ASPs.

Maintain BUY ratings post-earnings revisions and valuation methodology changes
>Hartalega: We forecast FY21/22/23 (Mar) NP of RM3.1/RM4.7/RM2.0bn (+5.6x/+50%/-56% YoY). We lower our target price from RM25 to RM20 implying an FY22CL PE of 15x and a 21CL yield of c.7%.
>Top Glove: We forecast FY20/21/22 (Aug) NP at RM1.8/RM11.2/RM4.2bn (+64%/+5.2x/-63% YoY). We lift our target price from RM9.33 to RM10.00 (bonus adjusted), implying a FY21CL PE of 7x and a 21CL yield of 9%.
>Kossan Rubber: We forecast FY20/21/22 (Dec) NP of RM758m/RM2.5bn/RM830m (+2.4x/+2.3x/-67% YoY). We lower our target price from RM17.40 to RM16.10 implying a
FY21CL PE of 8x and a 21CL yield of c.5%.

By CLSA Analyst Stephanie Cheah:

Dialling back to the basics
Diving into sustainable fair values following two bumper years
Recent volatility in sector share prices despite no change in fundamentals has led us to question if investors are now looking beyond two years of stellar earnings growth. Valuations are undoubtedly attractive across glove-makers, in our view, at single-digit PEs pegged to peak 12-month forward earnings, further backed by c.5%-9% dividend yields. However, we aim to provide a yardstick for investors by capturing both the value of the short-term boom period coupled with the long-term value from higher, sustainable earnings. This exercise still yields upside potential for glove stocks from current share prices, further affirming our Overweight stance on the sector.

Tying in our base case and timeline
>The mass availability of an effective Covid-19 vaccine, especially in the glove-makers key US market, will ndeniably spell the end of the sector’s hyper-normal era.
>Our base case assumes a mass vaccination by mid-2021, and that the vaccination process coupled with restocking activity will sustain utilisation rates.
>Our near-term ASPs therefore continue to price-in an uptrend up until mid-2021 where we expect price-leader, Top Glove’s ASPs to converge with that of peers Hartalega and Kossan. We subsequently expect the three glove makers to see the gradual normalization of their ASPs at c.US$50/1,000 pcs for nitrile gloves by end-2021.
>The key risk to our base case is potential oversupply from new entrants, although see this as unlikely given constraints in synthetic latex raw materials, whereby we estimate the global raw material supply to just be sufficient to meet the current demand of the major glove players (Figure 5).

End-users will likely be conditioned-to higher ASPs in two years
>A major conundrum amongst investors is on where ASPs will land post-demand normalisation which we expect to be in mid-2022.
>We take the view price stickiness will lead to longer-term nitrile ASPs of c.US$30/1,000pcs, and latex ASPs to average at US$22/1,000 pcs. This translates to a 35%/15% higher sustainable increase versus pre-Covid-19 levels.
>Inelastic glove demand coupled with a limited number of players controlling the lion’s share of global glove capacity are prime factors for higher sustainable ASPs. After 2-3 years of hyper-normal ASPs, end-users will have been conditioned for high ASPs, in our view, while there is limited incentive for manufacturers or distributors to lower the prices in quick succession due to inelastic demand.

Valuing the short-term boom while considering the longer-term earnings base
>The glove mania has split investors along two camps with one arguing it is unreasonable for the sector trades at single-to-low double-digit forward 12-month multiples while the second argues it is unrealistic to pay a mean multiple on peak forward earnings which are unsustainable. Both views have merits.
>With market expectations of supernormal profits increasingly being priced-in, it is necessary to value the sector from the perspective of a long-term strategic investor, where we still see significant value being derived on a medium-term horizon.
>Our revised valuation methodology discounts at the cost of equity the FCFE during the boom period (FY20-23) and the target market cap at the end of the boom period by employing a target PE multiple on sustainable earnings and ASPs.

Maintain BUY ratings post-earnings revisions and valuation methodology changes
>Hartalega: We forecast FY21/22/23 (Mar) NP of RM3.1/RM4.7/RM2.0bn (+5.6x/+50%/-56% YoY). We lower our target price from RM25 to RM20 implying an FY22CL PE of 15x and a 21CL yield of c.7%.
>Top Glove: We forecast FY20/21/22 (Aug) NP at RM1.8/RM11.2/RM4.2bn (+64%/+5.2x/-63% YoY). We lift our target price from RM9.33 to RM10.00 (bonus adjusted), implying a FY21CL PE of 7x and a 21CL yield of 9%.
>Kossan Rubber: We forecast FY20/21/22 (Dec) NP of RM758m/RM2.5bn/RM830m (+2.4x/+2.3x/-67% YoY). We lower our target price from RM17.40 to RM16.10 implying a
FY21CL PE of 8x and a 21CL yield of c.5%.

By CLSA Analyst Stephanie Cheah:

Dialling back to the basics
Diving into sustainable fair values following two bumper years
Recent volatility in sector share prices despite no change in fundamentals has led us to question if investors are now looking beyond two years of stellar earnings growth. Valuations are undoubtedly attractive across glove-makers, in our view, at single-digit PEs pegged to peak 12-month forward earnings, further backed by c.5%-9% dividend yields. However, we aim to provide a yardstick for investors by capturing both the value of the short-term boom period coupled with the long-term value from higher, sustainable earnings. This exercise still yields upside potential for glove stocks from current share prices, further affirming our Overweight stance on the sector.

Tying in our base case and timeline
>The mass availability of an effective Covid-19 vaccine, especially in the glove-makers key US market, will ndeniably spell the end of the sector’s hyper-normal era.
>Our base case assumes a mass vaccination by mid-2021, and that the vaccination process coupled with restocking activity will sustain utilisation rates.
>Our near-term ASPs therefore continue to price-in an uptrend up until mid-2021 where we expect price-leader, Top Glove’s ASPs to converge with that of peers Hartalega and Kossan. We subsequently expect the three glove makers to see the gradual normalization of their ASPs at c.US$50/1,000 pcs for nitrile gloves by end-2021.
>The key risk to our base case is potential oversupply from new entrants, although see this as unlikely given constraints in synthetic latex raw materials, whereby we estimate the global raw material supply to just be sufficient to meet the current demand of the major glove players (Figure 5).

End-users will likely be conditioned-to higher ASPs in two years
>A major conundrum amongst investors is on where ASPs will land post-demand normalisation which we expect to be in mid-2022.
>We take the view price stickiness will lead to longer-term nitrile ASPs of c.US$30/1,000pcs, and latex ASPs to average at US$22/1,000 pcs. This translates to a 35%/15% higher sustainable increase versus pre-Covid-19 levels.
>Inelastic glove demand coupled with a limited number of players controlling the lion’s share of global glove capacity are prime factors for higher sustainable ASPs. After 2-3 years of hyper-normal ASPs, end-users will have been conditioned for high ASPs, in our view, while there is limited incentive for manufacturers or distributors to lower the prices in quick succession due to inelastic demand.

Valuing the short-term boom while considering the longer-term earnings base
>The glove mania has split investors along two camps with one arguing it is unreasonable for the sector trades at single-to-low double-digit forward 12-month multiples while the second argues it is unrealistic to pay a mean multiple on peak forward earnings which are unsustainable. Both views have merits.
>With market expectations of supernormal profits increasingly being priced-in, it is necessary to value the sector from the perspective of a long-term strategic investor, where we still see significant value being derived on a medium-term horizon.
>Our revised valuation methodology discounts at the cost of equity the FCFE during the boom period (FY20-23) and the target market cap at the end of the boom period by employing a target PE multiple on sustainable earnings and ASPs.

Maintain BUY ratings post-earnings revisions and valuation methodology changes
>Hartalega: We forecast FY21/22/23 (Mar) NP of RM3.1/RM4.7/RM2.0bn (+5.6x/+50%/-56% YoY). We lower our target price from RM25 to RM20 implying an FY22CL PE of 15x and a 21CL yield of c.7%.
>Top Glove: We forecast FY20/21/22 (Aug) NP at RM1.8/RM11.2/RM4.2bn (+64%/+5.2x/-63% YoY). We lift our target price from RM9.33 to RM10.00 (bonus adjusted), implying a FY21CL PE of 7x and a 21CL yield of 9%.
>Kossan Rubber: We forecast FY20/21/22 (Dec) NP of RM758m/RM2.5bn/RM830m (+2.4x/+2.3x/-67% YoY). We lower our target price from RM17.40 to RM16.10 implying a
FY21CL PE of 8x and a 21CL yield of c.5%.

Champion. developer also turn glove manufacturer

Massive increase in cash balance so what.. how massive can it be. By end of 2021, even if it delivers 11b profit in 1 year - the excess cash will grow to say 15b at most including cash at hand. It's current market cap is 63b. You remove the expected cash generation from the current market cap and divide it by the sustainable net profit of say 1-2b and see what kind of PE you get.

Lol 200b company damn lebih