Maybank Investment Bank expects Top Glove to turn around only in FY2026.
Top Glove suffered its fifth consecutive quarterly net loss in Q4 FY2023 with a wider net loss of RM463.14 million from RM62.99 million a year ago.
It also suffered its fifth consecutive quarterly net loss in its fourth quarter with a wider net loss of RM463.14 million versus RM62.99 million in Q4 FY2022. “We raise our FY2024-FY2025 loss projections and introduce FY2026 forecasts, expecting a turnaround in FY2026,” said Maybank IB. Based on its channel checks, Chinese players are currently selling at US$14-US$15 per 1,000 pieces, with improved margins due to lower coal prices.
PIVB retained its “underperform” call on Top Glove with an unchanged TP of 63 sen amid a widening quarterly net loss due to a decline in average selling prices and weaker sales volume.
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