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Results Note – Top Glove (ADD, maintain) - A good start




Affin Hwang Investment Bank Bhd


13 Dec 2012





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1QFY08/13 core net profit surged +83% yoy to RM58m Despite the strong volume sales growth of +23% yoy, Top Glove’s (TOPG) 1QFY08/13 revenue growth was moderate at +5.4% yoy to RM584.6m. This is mainly due to the lower average selling prices (ASP) in tandem with the lower raw material cost. Notwithstanding the moderate growth in revenue, TOPG’s 1QFY08/13 EBIT margin expanded commendably by +4.5%-points yoy to 12% brought by better operating efficiencies from improved plant automations and lower raw material cost. We gathered that the raw material prices, namely latex has fallen by -30% yoy to RM5.83/kg while nitrile fell by -31% yoy to USD1.42/kg. Consequently, TOPG’s 1QFY08/13 core net profit surged +83% yoy to RM58m. Results were within both our and street expectations, accounting for 24% of our and 26% of consensus full year forecasts.

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