Brokers’ Take: CGS-CIMB Lowers Top Glove Target to RM1 After Cutting EPS Estimates

businesstimes2022-06-10

CGS-CIMB on Friday (Jun 10) cut its target price on Top Glove to RM1 from RM1.30 after the dual-listed glove maker posted a99.3 per cent dropin its third-quarter net profit.This implies a potential ...

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2022-06-10
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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBrokers’ Take: CGS-CIMB Lowers Top Glove Target to RM1 After Cutting EPS Estimates\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-06-10 13:24 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-lowers-top-glove-target-to-rm1-after-cutting-eps-estimates><strong>businesstimes</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>CGS-CIMB on Friday (Jun 10) cut its target price on Top Glove to RM1 from RM1.30 after the dual-listed glove maker posted a99.3 per cent dropin its third-quarter net profit.This implies a potential ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-lowers-top-glove-target-to-rm1-after-cutting-eps-estimates\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BVA.SI":"顶级手套有限公司"},"source_url":"https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-lowers-top-glove-target-to-rm1-after-cutting-eps-estimates","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1147625424","content_text":"CGS-CIMB on Friday (Jun 10) cut its target price on Top Glove to RM1 from RM1.30 after the dual-listed glove maker posted a99.3 per cent dropin its third-quarter net profit.This implies a potential downside of 14.5 per cent from the counter’s last trading price at 10.47 am on Bursa Malaysia. Top Glove was trading 4.1 per cent or RM0.05 lower at the time.On the Singapore bourse, the company was trading 3.9 per cent or S$0.015 lower at S$0.37 as at 11.02 am on Thursday.The company on Thursday reported a net profit of RM15.3 million (S$4.8 million) from RM2 billion in the corresponding quarter last year, amid a normalisation in demand and average selling prices (ASPs) for rubber gloves, as well as rising cost pressures.The research team, which maintains its “reduce” call on Top Glove, had lowered its FY2022-24 earnings per share (EPS) forecasts to account for lower sales volumes and a decline in ASPs. Its new target price of RM1 is 24 times CGS-CIMB’s earnings estimates for the 2023 calendar year.Top Glove’s core net profit for the 9 months ended May was also below expectations. The company had posted a net profit of RM289 million, down 96 per cent from RM7.3 billion in the year-ago period.CGS-CIMB believes the worst is not over for Top Glove as current valuations – which imply a 77 per cent premium to its 5-year mean – have yet to account for further downside to its earnings. 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