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Company Update – Top Glove (ADD, maintain) - Expecting a robust 1HFY08/13




Affin Hwang Investment Bank Bhd


12 Mar 2013





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Expecting 1HFY08/13’s core net profit to surge by 27-30% yoy Top Glove (TOPG) is set to release its 1HFY08/13 results on 14 March 2013. In view of: 1) the sharp fall in latex price (-19% yoy) (1HFY08/12 average latex price: RM7.48/kg vs 1HFY08/13’s RM6.06/kg); and 2) a strong 10-18% yoy growth in volume sales brought by resilient demand growth and capacity expansion, we estimate that the group will deliver a strong 27-30% yoy surge in its 1HFY08/13 core net profit to RM108-110m. All in, we expect TOPG’s 1HFY08/13 results to be in line with our expectation, accounting for around 46% of our FY13 forecast.

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