0353 GMT - Top Glove's earnings are poised to improve this fiscal year, driven by a strong demand recovery, Kenanga IB analyst Raymond Choo Ping Khoon says in a note. Its management guided for a sustained strong growth momentum, as customers are replenishing depleted glove stockpiles and average selling prices are gradually increasing amid growing demand, he notes. The Malaysian company's U.S. exports also stand to benefit after its trade partner's planned higher tariffs on Chinese glove makers, he says. Meanwhile, higher sales volumes are likely to offset the impact of a stronger ringgit against the dollar, he adds. Choo boosts FY 2025 and FY 2026 net profit forecasts for Top Glove by 39% and 42%, respectively. Kenanga raises the target price to MYR1.02 from MYR0.97 while maintaining a market-perform rating on the stock. Shares are 2.0% higher at MYR1.01. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
September 25, 2024 23:54 ET (03:54 GMT)
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