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HLBank Research Highlights
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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Income
12,232 posts
Posted by Income > 2024-04-03 08:57 | Report Abuse
“We have a Sell rating on Top Glove Corp Bhd (TP: RM0.60) on near-term earnings turnaround uncertainty due to a less efficient cost base,” it said.
Phillip Capital said it sees the current sector recovery as sustainable and driven by a more favourable market dynamic.
“The decommissioning of inefficient production lines by Hartalega, Top Glove, and Kossan has helped reduce the global capacity.
“We believe the re-stocking activities will sustain over 2024/25, with global demand expected to recover to 329bn/368bn (+15%/+12% year-on-year), respectively.
“Our current projection shows Hartalega, Kossan and Top Glove utilisation rates are expected to recover to 80%/62%/36% (from 46%/50%/30%) in CY24 with Chinese glovemakers operating at near full capacity,” it said.