Top Glove May Take More Time for Earnings Turnaround -- Market Talk

Dow Jones04-02

0257 GMT - Top Glove's earnings recovery may take a while longer after a disappointing fiscal 2Q due to lower plant utilization rates and a less-favorable average selling price profile compared with competitors, RHB IB analyst Oong Chun Sung says in a note. However, he says prolonged price competition in the industry may be nearing an end as disparity in selling prices narrows. He notes Chinese manufacturers' ASPs are projected to rise to $16-$17 from $15-$16, based on channel checks. Industry-blended ASPs have remained steady at $20 per 1,000 pieces, compared to the previous range of $19-$20, he notes. RHB trims Top Glove's target price to MYR0.83 from MYR0.93 while maintaining a neutral rating on the stock. Shares are unchanged at MYR0.80. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

April 01, 2024 22:57 ET (02:57 GMT)

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Industry-blended ASPs have remained steady at $20 per 1,000 pieces, compared to the previous range of $19-$20, he notes. RHB trims Top Glove's target price to MYR0.83 from MYR0.93 while maintaining a neutral rating on the stock. Shares are unchanged at MYR0.80. 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