Highlights
KLSE: HARTA (5168)       HARTALEGA HOLDINGS BHD MAIN : Health Care
Last Price Today's Change   Day's Range   Trading Volume
12.20   -0.24 (1.93%)  12.06 - 12.68  6,058,900
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Overview

Market Cap: 41,817 Million
NOSH: 3,428 Million
Avg Volume (4 weeks):10,220,605
4 Weeks Range:10.24 - 13.30
4 Weeks Price Volatility (%):
64.05%
52 Weeks Range:5.67 - 21.16
52 Weeks Price Volatility (%):
42.16%
Average Price Target: 20.93
Price Target Upside/Downside: +8.73

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2020 [#3]  |  25-Jan-2021
Next QR | Est. Ann. Date: 31-Mar-2021  |  18-May-2021
T4Q P/E | EY: 22.22  |  4.50%
T4Q DY | Payout %: 1.44%  |  31.89%
T4Q NAPS | P/NAPS: 1.2164  |  10.03
T4Q NP Margin | ROE: 36.61%  |  45.14%

Headlines

Date Subject
27-Jan-2021 Hartalega Holdings - New capacity on the way; MSCI ESG rating raised to ‘AA’
27-Jan-2021 Hartalega Holdings - Rise in ASP Ignited Earnings
27-Jan-2021 CIMB: 40%-50% QoQ increases in ASPs expected. HARTA TP RM21.80
26-Jan-2021 【行家论股/视频】贺特佳 售价走高财测上修
26-Jan-2021 Hartalega Holdings Berhad - Breaking Its Own Records
26-Jan-2021 Hartalega Holdings - Chalks up fourfold increase in 9MFY21 net profit
26-Jan-2021 Hartalega Holdings - 9MFY12 Above Expectations
26-Jan-2021 Hartalega Holdings - Rise in ASP Ignited Earnings
26-Jan-2021 Hartalega Holdings Berhad - Full speed on Plant 7 ahead
26-Jan-2021 Mplus Market Pulse - 26 Jan 2021
26-Jan-2021 CIMB: The best is yet to come. HARTA TP RM21.80
26-Jan-2021 上升股:贺特佳 阻力RM13.68
26-Jan-2021 HARTA (5168) – Latest Quarter Result [3QFY21] – Another Record Earnings
25-Jan-2021 HARTA RESULTS RM1 BIL - WHAT IT MEANS FOR OTHER GLOVE PLAYERS?
25-Jan-2021 Hartalega delivers record net profit in Q3 from higher sales volume
25-Jan-2021 Bargain hunting lifts GLOVEs share prices, say analyst, fund manager as situation remains 'volatile'
20-Jan-2021 GLOVEs rebound on expanded MCO
19-Jan-2021 Supermax compares with Hartalega - Koon Yew Yin
18-Jan-2021 Hartalega Holdings - Beneficiary of Laggard in ASP
17-Jan-2021 THIS FISH IS UNDERCOOKED : FINDING 18x FLAWS IN JP MORGAN'S BEARISH REPORTS ON GLOVES

Business Background

Hartalega Holdings is a holding company whose subsidiaries manufacture and sell a variety of nitrile and latex gloves. The company's gloves are used in laboratories and healthcare facilities. The gloves are also sold to manufacturers of semiconductors and consumer electronics and for automotive maintenance and spray painting. The company organizes itself into six segments based on geography: North America, Europe, Asia, Australia, Malaysia, and South America. More revenue comes from the North America segment than any other.
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  8 people like this.
 
Pgraduate123 Bye bye... I am going to Kpower, more power there
26/01/2021 11:09 PM
Ron90 quite common, very good QR will be followed by significant drop in share price, and vice versa.. it occurs many many times la, in fact was expected for Harta.. and usually, in the next few days, price will gradually getting higher.

this QR shall bring harta to $15.00 at least. Just relex.. while the other sectors merely speculative, glove still the only sector confirm producing explosive result for the next 2 QRs.
26/01/2021 11:12 PM
gohkimhock No sectors is more speculative than gloves at this moment. It's prices run too far ahead of fundamental.
26/01/2021 11:16 PM
ChaseBros Harta ASP is laggard, about half or less than half compared to other big manufacturers. Good thing is that they can raise the ASP, probably throughout 2021 though I assume it plateau from Apr 2021, even more conservative compared to JPM which suggest from Jul 2021. If Harta really raise the ASP by 40% or even 50%, the next quarter may see up to RM2B PAT, though I assume only RM1.6B (again very conservative)

JPM assumption of RM1.6B+ PAT for FY22 (or Apr 1 2021 to Mar 31 2022) is really laughable. Trying to mislead uncle and auntie.
26/01/2021 11:29 PM
BALANCE_VIEW U mean based on FY2024 or FY2025 financial?

gohkimhock No sectors is more speculative than gloves at this moment. It's prices run too far ahead of fundamental.
26/01/2021 11:16 PM
27/01/2021 12:05 AM
will75 Finish school or not? PE single digit la!
27/01/2021 12:10 AM
GoodBoy RSS traders did not buy back any shares of Kossan, Harta, TopGlov n SuperMax on Monday 25/01/2021 ...
27/01/2021 1:21 AM
MrGlover SHORT SQUEEZE YA!
27/01/2021 8:24 AM
jamestecs Still expecting a severe fall? It will not fall another 40% for sure.
27/01/2021 8:58 AM
nicholas99 yeah. it did not go up after the good result. and seller not coming back yet. hopefully, there is no panic selling..
27/01/2021 9:43 AM
gloveharicut CIMB: 40%-50% QoQ increases in ASPs expected. HARTA TP RM21.80 https://klse.i3investor.com/blogs/gloveharicut/2021-01-27-story-h1540182883-CIMB_40_50_QoQ_increases_in_ASPs_expected_HARTA_TP_RM21_80.jsp
27/01/2021 9:54 AM
GoodBoy RSS sold volumes for today from 9:00 am to 10:00 am ... Kossan 0 shares, Hartalega 50,900 shares, SuperMax 28,100 shares, TopGlove 580,400 shares ...
27/01/2021 10:12 AM
GoodBoy Those IBs could be doing their dirty job by trying to lower the share price again ... Today is the last day (27/01/2021) of price fixing for their Call Warrants expiring on 29/01/2021 ...
27/01/2021 10:15 AM
skcheah don't simply blame RSS.
27/01/2021 10:19 AM
sheldon GoodBoy - where is the source of your reference? Could you provide us the URL to verify? TQ
27/01/2021 10:19 AM
GoodBoy You may check the warrant details in i3, RSS transactions can be viewed in your trading platform under Short Selling ...
27/01/2021 10:37 AM
foongkitmun TMD, CIMBAI give TP 21.....wtf!!! By this month ka???
27/01/2021 11:01 AM
noobinvestor98 @Goodboy, CW C52?
27/01/2021 11:03 AM
sheldon TQ GoodBoy - You're indeed a good boy! haha
27/01/2021 11:10 AM
GoodBoy @Noobinvestor98, We may hv to look at all the warrants under the BIG4 gloves counters as a whole ... Bcos, the BIG4 gloves counters always move together n will pull along the SMALL3 gloves counters ...
27/01/2021 11:14 AM
GoodBoy @Sheldon, very Paiseh la ... this ID was created long long time ago ...
27/01/2021 11:22 AM
Pgraduate123 All top 4... Actually no need to announce your super results... Just keep it secret is better.
Now supermax n TG also scratching backside... To report or not the billion cash profit coming qtr...
27/01/2021 11:39 AM
ChaseBros <<will75>> You can get the prevailing P/E from i3 above. Anywhere, here is the sample calculation.

Assumption : RM13 closing price as of Jan 25 2021, not RM12+ today or yesterday.

No of shares : 3.428 billion

Q4 2020 PAT : RM116M
Q1 2021 PAT : RM219M
Q2 2021 PAT : RM545M
Q3 2021 PAT : RM1,001M

Cumulative PAT for 4 quarters is RM1,881M, thus EPS is RM1.881B / 3.428B = 0.55, thereby P/E = RM13/0.55 = 23.6, which is quite close to historical average P/E of 27.69.

Here are the estimated conservative PAT in coming quarters assuming ASP plateau from Apr 2021 and ASP hike by 30% against the revenue (instead of 40% to 50% as suggested by Harta) and disregarding additional 5% capacity from Plant No.7 of which commissioning is expected to be completed by or before Mar 2021.

Q4 FY21 >>> Jan 1 - Mar 31 2021 : RM1,600M
Q1 FY22 >>> Apr 1 - Jun 30 2021 : RM1,600M
Q2 FY22 >>> Jul 1 - Sep 30 2021 : RM1,600M
Q3 FY22 >>> Oct 1 - Dec 31 2021 : RM1,600M

Thereby, cumulative last 4 quarters earning, EPS and P/E are as follows :-

Q4 FY21 (Mar 31 2021) is RM3,365M, EPS = RM3.365B / 3.428B = 0.98, thereby P/E = 13.3
Q1 FY22 (Jun 30 2021) is RM4,746M, EPS = 1.38, P/E = 9.4
Q2 FY22 (Sep 30 2021 is RM5,801M, EPS = 1.69, P/E = 7.7
Q3 FY22 (Dec 31 2021) is RM6,400M, EPS = 1.87, P/E = 7.0

So, the P/E will only drop to single digit from Q1 FY22 onwards, and if you are referring to 6 months Forward P/E or FPE, then it is correct to say that it is already single digit.

Demand will outstrip supply for the next 2 to 3 years, and all you have to do is hold for another quarter or two to see positive movement in the share price. And, if you have better alternative, just sell and move on.

------------------------------------------------------------

will75 Finish school or not? PE single digit la!
27/01/2021 11:45 AM
Mabel Harta can close eye and buy if you don't have this in your collection.

Hartalega was Mabel’s 1st love. She was the 1st Glove company that Mabel has invested when Minister Teresa Kok pledged that Malaysia will donate 18 million Glove to China to fight Covid19 in early 2020.

Among the Fantastic Four, Mabel spends the least time with Hartalega. The reason is because Harta is the strongest company among the Fantastic Four. It is backed by automation technology and it’s the all-time World Biggest Producer of Nitrile which is the most expensive Glove on the market.

From Harta’s latest quarter report we can conclude that the glove sector is nowhere near its peak. Due to the Covid-19 pandemic, the demand for gloves worldwide has spiked and outstrip the supply for glove by a lot. This has caused the ASP for gloves to rise in a significant rate which resulted in all glove companies to profit handsomely. Due to the shortage of supply for gloves, the ASP for gloves has been consistently increasing every month. It is estimated that it takes at least 3 years for the supply of gloves to meet the world demand for gloves.

Harta has a dividend policy with a pay-out ratio of 45% in place. This means that if the company continue making more profit, the company will continue giving out more dividend payment as well. In this quarter itself, the company has declared a second interim single tier dividend of 9.65 sen per share. This is lucrative compare to any of the Dividends from Mabel's collection of Banks.

Understand?

Meow
27/01/2021 12:03 PM
ChaseBros https://klse.i3investor.com/servlets/ptres/58387.jsp

Despite, expected 40% to 50% q-o-q increase expected in next quarter, Harta is still 10% to 15% lag behind its peers. CIMB is of the opinion, it will increase its ASP further in the following quarter after next (or Apr to Jun 2021), though it was assuming a 2% to 4% decline in ASP m-o-m, from Apr 2021, in its modelling.

Acute global glove shortage unlikely to be resolve soon. There is currently a global shortage of 120 billion glove annually, and that shortage would persist for at least over the next two years. In short, Demand > Supply for at least 2 years and ASP remain strong

Pandemic allocation which is sold at a premium to normal orders has been fully taken up till Oct 2021.
27/01/2021 12:04 PM
ChaseBros NGC1.5 with 18.9 billion capacity will start commissioning by end of this year (2021). That would be additional 43% capacity from 44 billion capacity (when Plant No.7 is fully commissioned by Mar 2021). ASP remained high till at that point and can you imagine what is the profit like?, and dividend payout?

The P/E, PAT calculation demonstrated above is very conservative without taking into consideration of all this contribution.
27/01/2021 12:15 PM
Mabel Meow ChaseBro...

Listen to ChaseBro..

He is a smart investor...

Mabel always adore smart man...

Meow
27/01/2021 12:21 PM
Pgraduate123 OK mabel, my heart painful.. I will take note of chase bro and you...
Meow.
27/01/2021 12:30 PM
GoodBoy RSS sold volumes for today from 9:00 am to 12:30 pm ... Kossan 0 shares, Hartalega 98,600 shares, SuperMax 101,600 shares, TopGlove 975,000 shares ...
27/01/2021 12:36 PM
nicholas99 when they need to buy back?
27/01/2021 1:18 PM
DarenWai Kossan not shorted down 14cents. Topglove shorted most down 1cents.
27/01/2021 1:51 PM
GoodBoy Not sure by when they hv to buy back, but, as long as they are still not buying back n return to their owner, they hv to pay interest plus other cost as well ( such as dividend, special dividend n bonuses ) ...
27/01/2021 2:38 PM
SinGor dividend is so little, you short it and gain 3X more everyday.
27/01/2021 2:47 PM
noobinvestor98 PAT 1 billion eh, I have no idea why people want to sell this gold mining stock. What I know is there are shorties who continuosly trying to bring down the share prices to get profit.
27/01/2021 3:12 PM
noobinvestor98 I hope that fundamental will prevail.
27/01/2021 3:13 PM
Everybodyhuat Harta management should buy to support as vol not high. They must show that their company is worth better than this to the shorties. Without their support, retailers will face blocks to push up the price. Management must prove their shares are worthy after announced such a high PAT. Otherwise, shorties will have field day killing retail investors.
27/01/2021 3:32 PM
Bgt 9963 Good luck....!
27/01/2021 3:34 PM
Jumpman Stay Strong
27/01/2021 3:49 PM
SinGor Shorties just want to Test whether PAT is real Or Not....90% Bursa Counters practise creative accounting..... Just put numbers on paper But cannot give Dividend speak so Loud
27/01/2021 3:52 PM
SaveMsiaFromPHGov Vaccine not trustable yet
27/01/2021 4:00 PM
SaveMsiaFromPHGov Pfizer vaccine is even killing guys in Norway
27/01/2021 4:00 PM
SaveMsiaFromPHGov So what kind of 'saviour' vaccine is that???
27/01/2021 4:01 PM
SaveMsiaFromPHGov Boullkrap killer vaccine la
27/01/2021 4:01 PM
SaveMsiaFromPHGov Nia mah hai
27/01/2021 4:02 PM
SaveMsiaFromPHGov Diu nia sing
27/01/2021 4:02 PM
SinGor 4 person Out of 2million Got allergic reaction in UK....Chances you can Hit first price 4D 10,000X
Better than you can be Killed by Vaccine
27/01/2021 4:11 PM
GoodBoy RSS sold volumes for today from 9:00 am to 5:00 pm ... Kossan 0 shares, Hartalega 265,400 shares, SuperMax 264,600 shares, TopGlove 2,442,000 shares ...
27/01/2021 5:02 PM
Will188 Es Ceramic Bhd is a Glove Mould Manufacturer. Increase a lot. Just ESS making fun with glove counter.
27/01/2021 5:21 PM
Ben Tan https://klse.i3investor.com/blogs/bursainvestments/2021-01-27-story-h1540184805-The_World_and_Malaysia_Under_the_COVID_Siege_Setting_Our_Expectations_R.jsp
27/01/2021 5:22 PM
ChaseBros https://www.reuters.com/article/health-coronavirus-vaccine-access/china-indias-covid-19-vaccinations-to-stretch-to-late-2022-study-idUSKBN29W0DY

.......... more than 85 poor countries will not have widespread access to vaccines before 2023, a study showed on Wednesday.
27/01/2021 5:26 PM


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