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2023-10-11 18:20 | Report Abuse
Top Glove has maintained that the goodwill impairment of RM138 million and the impairment and write-off of property, plant and equipment of RM251 million was a “one-off” action and has no impact on cash flow.
Still, the latest writedown exercise has put the spotlight on the aggressive share buybacks Top Glove undertook over the past three years to defend against selling pressure on its shares amid falling glove demand.
The company spent as much as RM1.42 billion at one point between October 2020 and February 2021.
Critics have pointed out that management could have opted then to return the excess cash to shareholders as dividends, or used the extra capital to prepare for rainy days as the supernormal demand for rubber gloves because of the Covid-19 pandemic in 2020 would not last forever.
As it is, the company’s cash pile has been depleting, which could prove more challenging for the glove maker to ride through a prolonged period of overcapacity. Its cash and bank balances stood at RM290.1 million at end-August 2023, down from RM437.6 million a year earlier. At the same time, its non-current assets were RM5.37 billion versus RM6.01 billion a year ago.
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2023-10-11 15:34 | Report Abuse
Sinchew Mon, Oct 09, 2023 08:34pm - 1 day
（吉隆坡9日讯）顶级手套（TOPGLOV,7113,主板医疗保健组）在第四季一次过作出近4亿令吉减值，分析员认为，负面财务信息已摊开得七七八八，核心亏损比上一季已减轻，随着供应削减、客户需求恢复以及手套均价回升，2025财政年之后转亏为盈是有可能的。
马银行研究和MIDF研究因此分别上调顶级手套的评级。MIDF把它从“卖出”升级为“中和”，目标价从50仙调整至70仙；而马银行将其评级提升为“守住”，最新目标价为77仙。
马银行分析员在报告里指出，顶级手套已完成“清理厨房”（kitchen sinking exercise）行动，意即将负面财务资讯一次过公布，其风险已变得较平衡，整体上是仍有挑战，但同时抱有希望。
“第四季核心亏损8900令吉，低于预期，对比第三季亏损1亿1600万令吉，以及去年第四季的9100万令吉，损失度已缩小。”
不过该行认为，顶级手套在短期仍会亏损，这一问题会持续到2024和2025财政年。
“主要考虑到3个因素，其一是看了刚公布的2023财政年业绩，其二是2024和2025财政年的工厂使用率会降低，分别从40%和54%，降至35%和45%。此外，马币兑美元汇率预测从4.20下调至4.50令吉。”
分析员上调该集团的2024至2025财政年亏损预测，并认为，顶级手套要到2026财政年才会扭亏转盈。
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2023-10-11 12:24 | Report Abuse
Thanks ..
Posted by IlmuKhodam > 11 minutes ago | Report Abuse
Ya, nice debate. i read most of them. very entertaining and informative.
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Stock: [TOPGLOV]: TOP GLOVE CORPORATION BHD
2023-10-11 20:32 |
Post removed.Why?