Top Glove Shares Look Attractive on Turnaround Hopes -- Market Talk

Dow Jones03-21

0117 GMT - Top Glove shares are at a good entry point, Hong Leong IB analyst Sophie Chua Siu Li says in a note. With the glove maker poised for a turnaround in FY 2025, and its stock having fallen over 10% in the past two months, now's the time to accumulate, she says. Top Glove has said sales could stay robust as customers replenish inventory and it benefits from trade diversions. Pricing dynamics look favorable, with average glove prices potentially rising from April, while prices of materials like natural and butadiene rubber could ease in May and June, she adds. Hong Leong trims Top Glove's target to MYR0.97 from MYR1.00 after 2Q results, but raises its rating to buy from hold. Shares fall 1.7% to MYR0.85. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

March 20, 2024 21:18 ET (01:18 GMT)

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