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The outlook for future glove demand may exceed expectations, according to Kenanga Investment Bank. $TOPGLOV (7113.MY)$
The future performance is more optimistic, with a significant increase of 39% and 42% in net profit forecasts for the fiscal years 2025 and 2026 (ending at the end of August).
Following recent meetings with senior management of top glove, analysts at Kenanga Investment Bank are optimistic about the company's performance outlook.
"There are signs that top glove will experience a stronger demand rebound than expected after entering the 2025 fiscal year."
He added that top glove's sales continued to rise month by month in September this year, with the company also expecting customers' inventory replenishment activities to strengthen in the coming quarters.
"Currently, top glove's sales volume is increasing by 25% to 30% per month, aiming to improve overall capacity utilization to 65% to 70%. We originally predicted that the company's capacity utilization for the fiscal year 2025 would only be 55%."
In addition, the analyst pointed out that top glove's export volume to the USA continues to improve, now accounting for 28% to 30% of its global sales.
"Top glove believes this is due to stocking activities by US customers, coupled with more Chinese glove manufacturers being listed by the country's Food and Drug Administration (FDA) as a watchlist, while the capacity utilization of Chinese peers has also reached 90%, almost at full production capacity."
Analysts believe that top glove is optimistic about the price trend of average glove prices, predicting that the average price will gradually increase in the future, with a possible increase of 5% to 15%...

$Top Glove (BVA.SG)$
#TOPGLOV - Enterprise Tracking
I shared the information from the HARTA shareholder meeting last time, this time I'll show you the TOPGLOVE information, the meeting data from the day before yesterday.
★ Before the pandemic, EBITDA margins ranged from 12-15%, although it had been in continuous losses for several quarters, it has now recovered to 5-8% under the repair of 'price' and 'quantity'.
★ The situation in the glove industry is improving every quarter, reflected in the performance of each glove company. For reference, the total sales volume in Q3 this year has increased by as much as 46% year-on-year.
★ It is necessary to emphasize that the recovery of the glove industry is real, not a temporary rebound. Compared to the around 30% utilization rate a year ago, the current stage has risen to approximately 60%.
★ As the world's largest glove company, due to economies of scale, 'quantity' has always been a critical factor. Currently, the total capacity is 95 billion, much higher than Harta's 32 billion and Kossan's 24 billion. Due to considerably higher fixed costs compared to peers, if there is not enough demand, the pace of performance recovery will be slower.
★ Assuming glove demand maintains an 8% annual growth, the supply-demand situation is expected to reach equilibrium in 2025. As for when it will return to pre-pandemic levels, it is definitely not something for the next 2 quarters, perhaps the end of 2025 is a more realistic time frame.
After the rise of Chinese companies, the global...

$TOPGLOV (7113.MY)$
#TOPGLOV - Company Tracking
Last time I shared the information about HARTA's shareholder meeting, this time let's take a look at the TOPGLOVE's data, the materials from the meeting the day before yesterday.
★ Before the pandemic, EBITDA profit margin ranged from 12-15%, although previously it had been in consecutive losses for several quarters, now it has recovered to 5-8% under the repair of "price" and "quantity".
★ The current situation in the glove industry is improving every quarter, which is reflected in the performance of every glove company. As a reference, the total sales volume in Q3 of this year has increased by as much as 46% annually.
★ It is necessary to emphasize that the recovery of the glove industry is real and not a temporary rebound. Compared to around 30% utilization rate a year ago, it has now risen to approximately 60%.
★ As the world's largest glove company, due to economies of scale, "quantity" has always been a very key factor. Currently, the total production capacity is 95 billion, much higher than Harta's 32 billion and Kossan's 24 billion. Due to significantly higher fixed costs compared to peers, the pace of performance recovery will be slower without sufficient demand.
★ Assuming a consistent 8% annual growth in glove demand, the supply and demand situation is expected to balance by 2025. As for when it will return to pre-pandemic levels, it is definitely not a matter of the next 2 quarters, perhaps the end of 2025 is a more realistic time point.
After the rise of Chinese companies, the global glove industry...

$KOSSAN (7153.MY)$
KUALA LUMPUR: The Malaysian Rubber Council (MRC) has projected that the exports of rubber and rubber products could exceed RM30 billion by end of the year.
This was based on the performance in the first half of 2024 (1H2024).
"This strong outlook is supported by the sector's impressive 1H2024 results, which highlight the industry's resilience and ability to adapt to global market trends," MRC said today.
In 1H2024, Malaysia's exports of rubber and rubber products rebounded s...

$HARTA (5168.MY)$
KUALA LUMPUR: The Malaysian Rubber Council (MRC) has projected that the exports of rubber and rubber products could exceed RM30 billion by end of the year.
This was based on the performance in the first half of 2024 (1H2024).
"This strong outlook is supported by the sector's impressive 1H2024 results, which highlight the industry's resilience and ability to adapt to global market trends," MRC said today.
In 1H2024, Malaysia's exports of rubber and rubber products rebounded si...

$TOPGLOV (7113.MY)$
KUALA LUMPUR: The Malaysian Rubber Council (MRC) has projected that the exports of rubber and rubber products could exceed RM30 billion by end of the year.
This was based on the performance in the first half of 2024 (1H2024).
"This strong outlook is supported by the sector's impressive 1H2024 results, which highlight the industry's resilience and ability to adapt to global market trends," MRC said today.
In 1H2024, Malaysia's exports of rubber and rubber products rebounded ...