0148 GMT - Top Glove Corp. could see a significant rebound in earnings in fiscal 2Q, Kenanga IB analyst Raymond Choo Ping Khoon says in a note. Tailwinds include the absence of high-priced inventory, a slight increase in average selling prices and favorable forex conditions. However, the glove maker has guided for muted sales volumes in January and February due to U.S. buyers front-loading purchases from Chinese glove manufacturers, he notes. Top Glove foresees an acceleration in orders from U.S. customers from end-February, he says. Kenanga maintains a market perform rating on Top Glove, with a MYR1.30 target. Shares are 0.8% lower at MYR1.31. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
January 07, 2025 20:51 ET (01:51 GMT)
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