Top Glove Outlook Bright, But Positives More Than Priced In -- Market Talk

Dow Jones2023-12-21

0650 GMT - Top Glove's latest results affirm it is on the road to recovery, but its share price has outpaced its fundamentals, Maybank IB says. It downgrades the stock to sell from hold, seeing positives as more than priced in. The world's largest glove maker narrowed losses in 1Q as sales volumes grew, but Maybank IB continues to expect a loss for FY 2024, analyst Wong Wei Sum says in a note. "While we appreciate TOPG for its active cost management, improving sales outlook and projected turnaround by FY25, the share price has outpaced fundamentals and is now 13% above our MYR0.80" target price, the analyst says. Top Glove was last around MYR0.93 and has gained about 14% month to date. (fabiana.negrinochoa@wsj.com)

(END) Dow Jones Newswires

December 21, 2023 01:50 ET (06:50 GMT)

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The world's largest glove maker narrowed losses in 1Q as sales volumes grew, but Maybank IB continues to expect a loss for FY 2024, analyst Wong Wei Sum says in a note. \"While we appreciate TOPG for its active cost management, improving sales outlook and projected turnaround by FY25, the share price has outpaced fundamentals and is now 13% above our MYR0.80\" target price, the analyst says. Top Glove was last around MYR0.93 and has gained about 14% month to date. 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