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Company Update – Top Glove (ADD, maintain) - Pricing pressure will continue to haunt margin




Affin Hwang Investment Bank Bhd


07 Jan 2014





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Resilient demand growth Yesterday, we attended Top Glove’s (TOPG) 1QFY08/14 analysts briefing, hosted by MD Tan Sri Lim Wee Chai. To recap, TOPG’s 1QFY08/14 core net profit growth of +18% was driven by healthy volume sales growth (+10% yoy) brought by capacity expansion, particularly in the nitrile gloves segment. Management has guided that the global demand and consumption (barring any viral outbreak) for gloves will continue to grow by around 8% to 10% annually. Note that this is also consistent with the projection from the Malaysia Rubber Glove Exports Council (MREPC). We also believe that this assessment is realistic judging from the recent historical demand trend, spurred by rising healthcare reforms globally.

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