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.

Equity Bottom-Up

<ul><li>Top Glove Corporation (Top Glove) reported a fourth consecutive quarterly net loss of RM130.6m in 3QFY23 (+20.7% QoQ) from a net loss of RM164.7m in the previous quarter.</li><li>The loss narrowed mainly due to the increased in ASPs and cost optimisations following the decommissioning production lines and temporary shutdown of factories.</li><li>After stripping out the non-operating items, 9MFY23 core net loss stood at RM420.4m (-262% YoY).</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.

Top Glove Corporation (Top Glove) reported a fourth consecutive quarterly net loss of RM130.6m in 3QFY23 (+20.7% QoQ) from a net loss of RM164.7m in the previous quarter.The loss narrowed mainly due to the increased in ASPs and cost optimisations following the decommissioning production lines and temporary shutdown of factories.After stripping out the non-operating items, 9MFY23 core net loss stood at RM420.4m (-262% YoY).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.

Top Glove Corporation Berhad - Lower Sales Volume On Higher ASP

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>TOPGLOV’s 9MFY23 results disappointed due to a lower-thanexpected sales volume.</li><li>It reiterated that a challenging and competitive business landscape will persist throughout 2023.</li><li>We widened our FY23F net loss by 26% but keep our FY24F profit forecast.</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.

TOPGLOV’s 9MFY23 results disappointed due to a lower-thanexpected sales volume.It reiterated that a challenging and competitive business landscape will persist throughout 2023.We widened our FY23F net loss by 26% but keep our FY24F profit forecast.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 - Top Glove Corporation - 19 Jun 2023

External broker reports(aggregated public sources), RHB Invest

RHB Invest

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

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>Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and continued to optimise costs.</li>
<li>The group’s effective production capacity was also cut down further to 60bn pieces pa as a part of its turnaround plan (T6) – emphasising the need to boost operating efficiency.</li>
<li>Maintain NEUTRAL on Top Glove with DCF-based target price drops to MYR0.95 from MY0.98, 2% downside.</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.


Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and continued to optimise costs.
The group’s effective production capacity was also cut down further to 60bn pieces pa as a part of its turnaround plan (T6) – emphasising the need to boost operating efficiency.
Maintain NEUTRAL on Top Glove with DCF-based target price drops to MYR0.95 from MY0.98, 2% downside.

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.

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. 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>Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume sales declined sharply.</li>
<li>From an oversold position coinciding with the industry bottoming out, Top Glove’s valuations have recovered off a sterling performance.</li>
<li>Top Glove (SGX:BVA) reported a 3QFY23 (Mar to May 2023) core net loss of RM107.8m (-34.5% q-o-q, -805.3% y-o-y). Losses narrowed from -RM164.7m on a q-o-q basis.</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.


Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume sales declined sharply.
From an oversold position coinciding with the industry bottoming out, Top Glove’s valuations have recovered off a sterling performance.
Top Glove (SGX:BVA) reported a 3QFY23 (Mar to May 2023) core net loss of RM107.8m (-34.5% q-o-q, -805.3% y-o-y). Losses narrowed from -RM164.7m on a q-o-q basis.

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.

Top Glove - 3QFY23 Losses Narrow But Disappoint Expectations

Global Healthcare Analyst

Tina Banerjee

<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 weak H1FY23 result. Strong growth in industrial more than offset by lower healthcare sales leading to 11.5% overall revenue decline on an organic constant currency-basis.</li>
<li>Healthcare business sales declined 21.9% YoY on an organic constant currency-basis, mainly dragged by a 38% YoY decline in examination/single-use glove revenue with reductions in both price and volume.</li>
<li>Ansell has revised FY23 EPS guidance downward to $1.10–1.20 (down 21% YoY at mid-point) from $1.15–1.35 earlier, reflecting market condition in healthcare GBU.</li>
</ul>



Ansell Ltd (ANN AU) reported weak H1FY23 result. Strong growth in industrial more than offset by lower healthcare sales leading to 11.5% overall revenue decline on an organic constant currency-basis.
Healthcare business sales declined 21.9% YoY on an organic constant currency-basis, mainly dragged by a 38% YoY decline in examination/single-use glove revenue with reductions in both price and volume.
Ansell has revised FY23 EPS guidance downward to $1.10–1.20 (down 21% YoY at mid-point) from $1.15–1.35 earlier, reflecting market condition in healthcare GBU.


Ansell Ltd (ANN AU): Macro Headwind to Negatively Impact Near-Term Financial Performance

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.

Kossan Rubber Industries Berhad manufactures and sells rubber products. Through its subsidiaries, the Company also manufactures and trades latex examination gloves as well as fabricates and installs machinery.

Supermax Corporation Berhad is an investment holding company whose subsidiaries manufacture, sell, and export various type of latex gloves around the world.

KPJ Healthcare Berhad is an investment holding company. Through its subsidiaries, the Company operates specialist medical centers and also provides pathology and laboratory services, hospital management services, drug and medical distribution along with operating a nursing college.

Careplus Group Berhad is an investment holding company. The Company's subsidiaries manufacture, process, and trade gloves, including latex, nitrile, and vinyl gloves. Careplus Group also provides other disposable protection products such as facemasks, respirators, gowns, and caps.

Adventa Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and distributes sterile surgical and medical examination gloves as well as distributes medical and hospital related products. Adventa also generates and supplies energy and electricity using biomass technology.

TMC Life Sciences Bhd provides health care services.  The Company offers human infertility consulting and treatment services.

Pharmaniaga Berhad is an investment holding company.  The Company, through its subsidiaries, manufactures, markets, and distributes pharmaceutical and medical products to government hospitals and private institutions. Pharmaniaga also provides web portal services for online trading of health care products.

Focus Point Holdings Bhd owns and operates eye care centers. The Company also franchises eye care centers and provides medical eye care surgery and services.

Apex Healthcare Berhad is an investment holding company.  The Company, through its subsidiaries, manufactures, distributes, and retails pharmaceutical products.

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

JEOL Ltd. manufactures electron optics instruments and analytical instruments including electron microscope, X-ray diffractometer and spectrometer and thermographs.  The Company also makes semiconductor manufacturing equipment, medical equipment and industrial equipment.

Sinocare Inc. develops, manufactures, sells biosensor technology real-time detection products. The Company's main products include rapid trace blood glucose testers, and supporting blood glucose testing strips.

Poly Medicure Limited manufactures disposable healthcare products. The Company offers a wide range of products for infusion therapy, anesthesia, urology, gastroenterology, blood management, surgery and drainage, and catheters.

CONMED Corporation provides orthopedic products, specializing in arthroscopy and powered surgical instruments.  The Company develops, manufactures, and supplies surgical instruments and systems used in a range of surgical procedures.  CONMED's products include arthroscopic surgery devices and powered surgical instruments, electrosurgery systems, and ECG electrodes for heart monitoring.

QuidelOrtho Corporation provides health care services. The Company offers technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.

Shandong Pharmaceutical Glass Co., Ltd. manufactures and markets a variety of pharmaceutical glass products including molded vials, tube vials, ampoule, amber vials, infusion vials, and glass tubes.  The Company also manufactures paper packaging boxes and invests in petrochemical industry.

Shandong Pharmaceutical Glass Co., Ltd. A (600529 CH)

Shandong Pharmaceutical Glass Co., Ltd. A

LeMaitre Vascular, Inc. manufactures medical devices for vascular surgeons and interventionists.  The Company develops, produces, and markets disposable and implantable devices for the treatment of peripheral vascular disease, such as stent grafts, anastomotic clips, valvulotomes, radiopaque marking tape, shunts, and embolectomy catheters.

Veracyte, Inc. develops molecular tests for oncology. The Company offers molecular cytology and tests for the diagnostic accuracy of cytology samples. Veracyte provides its products and services to healthcare and molecular diagnostic companies in the United States.

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

Top Glove Corporation Berhad - Lower Sales Volume On Higher ASP

Top Glove Corporation (Top Glove) reported a fourth consecutive quarterly net loss of RM130.6m in 3QFY23 (+20.7% QoQ) from a net loss of RM164.7m...

Public Investment Bank Bhd

Results Note - Top Glove Corporation - 19 Jun 2023

TOPGLOV’s 9MFY23 results disappointed due to a lower-thanexpected sales volume. It reiterated that a challenging and competitive business landscape...

Kenanga Investment Bank Bhd

Top Glove - Losses Narrow; Stay NEUTRAL

Top Glove’s core losses narrowed q-o-q in 3QFY23 (Mar to May 2023), as it successfully increased its ASP (at the expense of sales volume) and...

RHB Invest

Top Glove - 3QFY23 Losses Narrow But Disappoint Expectations

Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume...

UOB Kay Hian

Ansell Ltd (ANN AU): Macro Headwind to Negatively Impact Near-Term Financial Performance

Ansell reported 12% YOY revenue decline in H1FY23, dragged by 22% revenue decline in healthcare business, due to lower volume and ASP. The company...

Tina Banerjee

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