0144 GMT - Top Glove Corp. may post a narrower core loss in its fiscal 4Q, with an expected 20% increase in sales volume likely to offset the dollar's 3% drop against the ringgit, RHB IB analyst Oong Chun Sung says in a note. He forecasts a core loss of MYR2 million-MYR5 million, from a core loss of MYR53.5 million in fiscal 3Q. Improving investor sentiment on favorable operating conditions could position Top Glove for a "meaningful share price recovery," he notes. RHB cuts Top Glove's target price to MYR1.26 from MYR1.28 as it lowers the company's FY 2025-FY 2026 earnings forecasts due to the dollar's weakness against the ringgit, while maintaining a buy rating on the stock. Shares are 1.0% higher at MYR1.02.(yingxian.wong@wsj.com)
(END) Dow Jones Newswires
October 06, 2024 21:44 ET (01:44 GMT)
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