Analysts See Slow Recovery Ahead For Top Glove As It Narrowly Misses Profit
Analysts See Slow Recovery Ahead For Top Glove As It Narrowly Misses Profit
MIDF Research maintained its earnings estimates for Top Glove but increased its price-to-book value target to 1.5 times, reflecting improved fundamentals. MIDF Amanah Investment Bank Bhd (MIDF Research) has upgraded Top Glove Corporation Bhd to NEUTRAL from SELL, revising its target price to RM1.24 from 82 sen. The research house pointed to narrowing losses in the first quarter of the financial year 2025 (1QFY25) as a sign of improving fundamentals, though the house expects the recovery to lag behind its peers.
MIDF Amanah Investment Bank Bhd（MIDF Research）已將Top Glove Corporation Bhd從賣出上調至中性，將其目標價格從82仙上調至1.24令吉。該研究機構指出，2025財年（1QFY25）第一季度的虧損有所縮小，這表明基本面有所改善，儘管該機構預計復甦將落後於同行。
Top Glove reported a normalised loss of RM4.9 million in 1QFY25, a significant improvement from the RM23.9 million loss in the previous quarter. This performance was attributed to a 16% quarter-on-quarter increase in sales volume, leading to a better utilisation rate of 66% and higher average selling prices for nitrile gloves.
Top Glove報告稱，1QFY25 的正常虧損爲490萬令吉，較上一季度的2390萬令吉虧損有了顯著改善。這一表現歸因於銷量同比增長16％，從而提高了66％的利用率，並提高了丁腈手套的平均銷售價格。
Despite the improvement, analysts noted that Top Glove's pace of recovery remains slower than that of its competitors, many of whom have already returned to profitability. Elevated production costs continue to weigh on earnings recovery, although better utilisation rates and higher orders from the US market are expected to provide some relief in the coming quarters.
儘管有所改善，但分析師指出，Top Glove的復甦步伐仍然慢於其競爭對手，其中許多競爭對手已經恢復盈利。儘管更高的利用率和來自美國市場的更高訂單預計將在未來幾個季度提供一些緩解，但生產成本的上漲繼續壓制收益的復甦。
MIDF Research maintained its earnings estimates for Top Glove but increased its price-to-book value target to 1.5 times, reflecting improved fundamentals.
MIDF Research維持了對Top Glove的收益預期，但將其賬面市值目標提高至1.5倍，這反映了基本面的改善。
While the research house anticipates profitability from 2QFY25 onwards, it believes the impact of the US tariff hike on Chinese glove manufacturers will be limited for Top Glove due to its well-diversified revenue base. Nonetheless, continuous stock replenishment and increased demand for nitrile gloves will support improved margins in the coming quarters.
儘管該研究機構預計 2QFY25 以後將實現盈利，但它認爲，由於收入基礎多元化，美國提高關稅對中國手套製造商的影響將受到限制。儘管如此，持續的庫存補充和對丁腈手套需求的增加將支持未來幾個季度的利潤率提高。
At the close of trading on Dec 20, 2024, Top Glove's share price stood at RM1.32, implying a potential downside of 6%.
在2024年12月20日交易收盤時，Top Glove的股價爲1.32令吉，這意味着潛在的下跌幅度爲6％。
譯文內容由第三人軟體翻譯。