Top Glove Poised for Growth in 2025 on Higher Prices, Sales Volumes -- Market Talk

Dow Jones

2024-10-11

0158 GMT - Top Glove could see stronger sequential results starting from 1Q FY 2025, supported by a gradual increase in average selling prices and sales volumes, CIMB Securities analyst Walter Aw Lik Hsin says in a note. He reckons the glove maker could benefit from higher U.S. tariffs on Chinese gloves in 2025, though the impact could be tempered by strong competition in non-U.S. markets. However, Aw cuts Top Glove's FY 2025-FY 2026 EPS estimates by 30.4%-55.5% to factor in stronger ringgit assumptions. CIMB cuts Top Glove's target price to MYR1.20 from MYR1.25 while maintaining a buy rating on the stock. Shares are 1.0% higher at MYR1.04. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

October 10, 2024 21:58 ET (01:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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He reckons the glove maker could benefit from higher U.S. tariffs on Chinese gloves in 2025, though the impact could be tempered by strong competition in non-U.S. markets. However, Aw cuts Top Glove's FY 2025-FY 2026 EPS estimates by 30.4%-55.5% to factor in stronger ringgit assumptions. CIMB cuts Top Glove's target price to MYR1.20 from MYR1.25 while maintaining a buy rating on the stock. Shares are 1.0% higher at MYR1.04. 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He reckons the glove maker could benefit from higher U.S. tariffs on Chinese gloves in 2025, though the impact could be tempered by strong competition in non-U.S. markets. However, Aw cuts Top Glove's FY 2025-FY 2026 EPS estimates by 30.4%-55.5% to factor in stronger ringgit assumptions. CIMB cuts Top Glove's target price to MYR1.20 from MYR1.25 while maintaining a buy rating on the stock. Shares are 1.0% higher at MYR1.04. (yingxian.wong@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 10, 2024 21:58 ET (01:58 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}