Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 75% YoY and 31% QoQ revenue growth in 4QFY24, driven by higher volume and relatively stable selling price, with net loss narrowing down further.</li>
<li>Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.</li>
<li>Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 75% YoY and 31% QoQ revenue growth in 4QFY24, driven by higher volume and relatively stable selling price, with net loss narrowing down further.
Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.
Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.


Top Glove Corp (TOPG MK): Volumes Rise as Demand Revival Cycle On; US to Be the Key Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 16% QoQ revenue growth in 3QFY24, on 13% sequential volume increase and higher ASP. 3QFY24 operational loss reduced to RM34M from RM59M in 2QFY24.</li>
<li>Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.</li>
<li>With rising import alert and expected tariff increase on Chinese manufacturers, the US demand may shift from China to Malaysia. Top Glove is poised to benefit from potential trade diversion.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 16% QoQ revenue growth in 3QFY24, on 13% sequential volume increase and higher ASP. 3QFY24 operational loss reduced to RM34M from RM59M in 2QFY24.
Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.
With rising import alert and expected tariff increase on Chinese manufacturers, the US demand may shift from China to Malaysia. Top Glove is poised to benefit from potential trade diversion.


Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ansell-ltd" target="_blank" data-smartkarma-citation="entities:10777:1" rel="noopener">Ansell Ltd (ANN AU)</a> reported 11% YoY decline in revenue to $1,655M in FY23. Healthcare business experienced significant customer destocking through FY23, leading to 21% YoY decline in segment revenue.</li>
<li>Ansell has outlined an investment program to improve productivity and accelerate digitalization for total cost of $70–85 million. The program calls for production as well as job cut.</li>
<li>Strong headwinds in the glove sector are expected to continue as the global oversupply situation persists. Ansell expects FY24 adjusted EPS to be $0.92–1.12 (down 3–20% YoY).</li>
</ul>



Ansell Ltd (ANN AU) reported 11% YoY decline in revenue to $1,655M in FY23. Healthcare business experienced significant customer destocking through FY23, leading to 21% YoY decline in segment revenue.
Ansell has outlined an investment program to improve productivity and accelerate digitalization for total cost of $70–85 million. The program calls for production as well as job cut.
Strong headwinds in the glove sector are expected to continue as the global oversupply situation persists. Ansell expects FY24 adjusted EPS to be $0.92–1.12 (down 3–20% YoY).


Ansell Ltd (ANN AU): Worst Not Over Yet; Unfavorable Macro Backdrop Persists; Bleak FY24 Guidance

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Hartalega reported a third consecutive net loss of RM52.5m in 1QFY24 (+83% QoQ), mainly due to weaker sales volume.</li><li>After stripping out nonoperating items, Hartalega recorded a RM1.5m core net profit in 1QFY24, down 96% QoQ.</li><li>Results were above our estimate as we are forecasting a net loss for full-year FY24F but below consensus net profit forecast of RM223.8m. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hartalega reported a third consecutive net loss of RM52.5m in 1QFY24 (+83% QoQ), mainly due to weaker sales volume.After stripping out nonoperating items, Hartalega recorded a RM1.5m core net profit in 1QFY24, down 96% QoQ.Results were above our estimate as we are forecasting a net loss for full-year FY24F but below consensus net profit forecast of RM223.8m. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hartalega Holdings Berhad - Still Challenging

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023.</li><li>We widen our FY24F net loss forecast by 28% to RM105m (from RM82m) but maintain our FY25F numbers.</li><li>We trim our assetbased TP slightly to RM1.85 (from RM1.90) and reiterate our UNDERPERFORM call. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023.We widen our FY24F net loss forecast by 28% to RM105m (from RM82m) but maintain our FY25F numbers.We trim our assetbased TP slightly to RM1.85 (from RM1.90) and reiterate our UNDERPERFORM call. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note - Hartalega Holdings - A Weak Start to FY24

Malaysia

Hartalega Holdings Bhd. manufactures a wide range of latex gloves. The Company's products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber surgical gloves.

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Hartalega Holdings (HART MK)

Top Glove Corp (TOPG MK): Volumes Rise as Demand Revival Cycle On; US to Be the Key Market

Top Glove achieved 75% YoY and 31% QoQ revenue growth in 4QFY24. Riding on higher volume and ASP, the company expects its EBITDA margin to recover...

Tina Banerjee

Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

The U.S. will raise tariffs on Chinese medical and surgical gloves to 50%, from 7.5% currently, in January 2025 and to 100% by January 2026. As a...

Tina Banerjee

Ansell Ltd (ANN AU): Worst Not Over Yet; Unfavorable Macro Backdrop Persists; Bleak FY24 Guidance

Ansell reported 11% decline in revenue in FY23, due to significant customer destocking in healthcare business. With continued near-term sector...

Tina Banerjee

Hartalega Holdings Berhad - Still Challenging

Results were above our estimate as we are forecasting a net loss for full-year FY24F but below consensus net profit forecast of RM223.8m.

Public Investment Bank Bhd

Results Note - Hartalega Holdings - A Weak Start to FY24

HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023. We widen our FY24F net...

Kenanga Investment Bank Bhd

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Top Glove Corp (TOPG MK): Volumes Rise as Demand Revival Cycle On; US to Be the Key Market

​Top Glove achieved 75% YoY and 31% QoQ revenue growth in 4QFY24. Riding on higher volume and ASP, the company expects its EBITDA margin to recover...

Tina Banerjee

Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

The U.S. will raise tariffs on Chinese medical and surgical gloves to 50%, from 7.5% currently, in January 2025 and to 100% by January 2026. As a...

Tina Banerjee

Ansell Ltd (ANN AU): Worst Not Over Yet; Unfavorable Macro Backdrop Persists; Bleak FY24 Guidance

​Ansell reported 11% decline in revenue in FY23, due to significant customer destocking in healthcare business. With continued near-term sector...

Tina Banerjee

Hartalega Holdings Berhad - Still Challenging

Results were above our estimate as we are forecasting a net loss for full-year FY24F but below consensus net profit forecast of RM223.8m.

Public Investment Bank Bhd

Results Note - Hartalega Holdings - A Weak Start to FY24

HARTA’s 1QFY24 results disappointed. It reiterated that the challenging business landscape will persist throughout 2023. We widen our FY24F net...

Kenanga Investment Bank Bhd

Top Glove achieved 75% YoY and 31% QoQ revenue growth in 4QFY24. Riding on higher volume and ASP, the company expects its EBITDA margin to recover...

Ansell reported 11% decline in revenue in FY23, due to significant customer destocking in healthcare business. With continued near-term sector...