True colors reveal. Last time all tipu numbers

casino not open? massage center oredi open!!!!

cantech!!!!!

lai liao

tq tq contra gain

Tq tq sam

Ok la result at least no selldown

sold 3.955 . thx

Comfort Gloves (CG MK)
Anticipating Weaker Quarters Ahead
Sell (from Neutral)
Target Price (Return): MYR1.21 (-12%)
Price (Market Cap): MYR1.37 (USD190m)
ESG score: 2.56 (out of 4)
Avg Daily Turnover (MYR/USD) 7.90m/1.85m
Analyst
Sean Chew
+603 92808801
sean.chew@rhbgroup.com
Share Performance (%)
YTD 1m 3m 6m 12m
Absolute (54.2) (23.9) (36.3) (37.2) (60.1)
Relative (48.2) (24.7) (33.6) (31.3) (62.2)
52-wk Price low/high (MYR) 1.37 – 5.08
Source: Bloomberg
 Downgrade to SELL, new DCF-derived TP of MYR1.21 from MYR1.95,
12% downside. Comfort Gloves’ 1H21 (Aug) results came above
expectations, due to its better-than-expected sales volume. Looking ahead,
earnings should continue to normalise, as ASPs find an equilibrium.
However, given its lower economies of scale and higher cost base, we
believe the company’s margins are at risk of further compression should
price erosion become steeper.
 1HFY22 core net profit exceeded our expectations, at 98% of our fullyear estimate. We believe the earnings beat was attributed to the higher
sales volume achieved. However, net profit declined 31% QoQ as the ASP
began to descend from its highs. Additionally, a single interim DPS of 2 sen
was declared for the quarter, bringing total DPS to 6 sen for 1HFY22
(implying a 9.5% payout ratio).
 Challenging outlook. Its glove ASP should continue to decline as the
market adjusts to the new equilibrium. We believe prices could reach an
equilibrium by mid-2022, potentially bottoming at USD27.00 (nitrile) and
USD21.00 (latex) per 1,000 pieces, with the market pricing reverting to
being based on the cost-plus model. However, smaller manufacturers such
as Comfort are at risk of margin compression, should prices overshoot to
the downside, as it has lower economics of scale and a higher cost of
production. Additionally, sales volumes may be hampered in 3Q21 by the
imposition of EMCO during August. We revise our ASP assumptions to
USD27.00 and USD26.00 for FY23-24F (from USD44.00 and USD38.00).
 Production capacity to increase by 1.8bn pcs. Comfort is expected to
commission an additional seven lines towards the end of FY22. Once it is
completed, it will have a production capacity of 8.6bn pcs pa. Following this,
the company aims to grow capacity to 25.2bn pcs pa through the
construction of a new production facility in Bemban – although targeted
dates were not disclosed. That said, we would like to highlight possible
delays in expansion, given the quicker-than-expected price erosion.
 Following the reallocation of sector coverage, we have revised our ESG
score to 2.56 (from 2 previously) and lift FY22F earnings by 46%, after
increasing our sales volume assumption. However, we slash FY23-24F
earnings by 70% and 63%, after accounting for the revision in ASPs.
 Downgrade to SELL, with a new TP of MYR1.21. Given the quicker-thanexpected price erosion and the possible risk of a steeper price war, smaller
manufacturers like Comfort are in a much less favourable position to ride
out the uncertainty. Consequently, we see few near-term re-rating catalysts.
Our TP implies 11x FY24F P/E (normalised earnings base), at -1SD of its
pre-pandemic 5-year mean – which we believe is justified, given the greater
margin compression risk.
 Upside risks: Higher-than-expected ASPs, rapid capacity expansion, higher
utilisation rates, and favourable USD/MYR and raw material price
movements.

Post removed.Why?

Alexzai, u patut da pergi jump klcc la. Hahah

Itu sooohai pjseow tonefa wil75 stil got bilions bulet to suport ka?

Stil got waterfishhh buy gloves ka? Haha

Stil got waterfishhh buy gloves ka??? Haha. All economy open la

Tan sri sooohai la. Somemore use tropicana money buy topglves should hv pecat him

Casino open!!!

grab some 3.92

tq tq khind for the nice rebound , contra gain

change name to supermin. hahaha


Stock: [KOSSAN]: KOSSAN RUBBER INDUSTRIES BHD

Sep 20, 2021 5:07 PM | Report Abuse

change name to kossong rubber. hahaaha


Stock: [RUBEREX]: RUBBEREX CORP (M) BHD

Sep 20, 2021 5:06 PM | Report Abuse

change name to rubishrex. hahaaha


Stock: [TOPGLOV]: TOP GLOVE CORP BHD

Sep 20, 2021 5:06 PM | Report Abuse

change name to bottomglove. hahaha


Stock: [HARTA]: HARTALEGA HOLDINGS BHD

Sep 20, 2021 5:05 PM | Report Abuse

change name to hartataklega. hahaha


Stock: [COMFORT]: COMFORT GLOVES BHD

Sep 20, 2021 5:04 PM | Report Abuse

change name to uncomfort. hahaha


Stock: [CAREPLS]: CAREPLUS GROUP BHD

Sep 20, 2021 5:04 PM | Report Abuse

change name to careminus. hahaha

change name to supermin. hahaha

change name to kossong rubber. hahaaha

change name to rubishrex. hahaaha

change name to bottomglove. hahaha

change name to hartataklega. hahaha

change name to uncomfort. hahaha

change name to careminus. hahaha

Sepandai pandai tupai melompat, akhirnya jatuh ke tanah juga

Used to trade at 70sen b4 pandemic

Use to trade at 3.xx before bonus... now 5.20 ya

Rm2 coming

Widetec rubish la. Dun compare widetec with khind

Rm4 ma

Post removed.Why?

Rm1.50 soon

Wat is tis? Loss making goreng to 2.94? C who bought the highest

sold alll. thx

Gg report. Haha. Oredi bcome toxic gas

sold 269. take back money

Post removed.Why?

Post removed.Why?

can share affin hwang report?

go go go

4d open. Genting folow soon

Very overvalue la. Down below rm1 la

Those bought gapup kena lagi hahahah

Post removed.Why?

canot fight la... scientx holds a lot oredi...

today no show ka?

daiboci oso suspended. merge?

Chinese said can eat salt fish, can bear the thirst