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

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/supermax-corp-bhd" target="_blank" data-smartkarma-citation="entities:12883:1" rel="noopener">Supermax Corp (SUCB MK)</a> reported first-ever quarterly loss in Q2FY23 due to continued fall in rubber gloves ASP, rising input cost, and weakening of the USD against the local currency.</li>
<li>The challenging operating environment for glove will persist into 2023. Amid continued weak global demand for gloves, declining ASP, and rising input cost, Supermax will take time to regain profitability.   </li>
<li>Global demand for rubber gloves is not expected to recover soon. In the foreseeable future, the market will remain weak, competition continue to be intense, and profitability adversely impacted.</li>
</ul>



Supermax Corp (SUCB MK) reported first-ever quarterly loss in Q2FY23 due to continued fall in rubber gloves ASP, rising input cost, and weakening of the USD against the local currency.
The challenging operating environment for glove will persist into 2023. Amid continued weak global demand for gloves, declining ASP, and rising input cost, Supermax will take time to regain profitability.   
Global demand for rubber gloves is not expected to recover soon. In the foreseeable future, the market will remain weak, competition continue to be intense, and profitability adversely impacted.


Supermax Corp (SUCB MK): Gloves ASP Decline and Rising Input Costs Lead to Gloomy Business Outlook

Malaysia

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)

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

Supermax Corp (SUCB MK): Gloves ASP Decline and Rising Input Costs Lead to Gloomy Business Outlook

Softening glove ASP, rising input cost, and forex loss have led Supermax recording first-ever quarterly loss in Q2FY23. Amid challenging...

Tina Banerjee

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